Rupee up 11 paise to Rs 64.02 against US dollar in early trade

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Mumbai: On Monday Indian rupee opened high 11 paise to Rs 64.02 against US dollar on account of selling of American currency by banks and exporters. On Friday the local currency settled 5 paise downward at Rs 64.13 next to the US dollar in early trade. The Reserve Bank of India fixed the reference rate for the dollar at 64.1693 and for the euro at 75.4567. 

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Tanvee Gupta Jain, Economist, UBS Securities India also stated that, based on global/local macro and analysis of India’s external vulnerability, we predict the rupee (USD/INR) to stay range-bound (62-66) over the subsequently few months and average 64.3 in FY18 and 65.4 in FY19.

For now domestic equity markets commenced in green following mixed global cues. The BSE Sensex commenced with 85.93 points, or 0.28 per cent, high at 31,299.52, whereas NSE Nifty index opened 44.95 points, or 0.46 per cent, high at 9,755.75.

On Friday foreign portfolio investors stood net sellers in equity markets and sold shares of Rs 989.73 crore with gross purchases and gross sales of Rs 4528.64 crore and Rs 5512.37 crore, correspondingly.  The Gobal benchmark 6.79% 2027 bond yield grew to 6.51% from 6.49% in the preceding session.

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