Mumbai: On Tuesday Indian Rupee increased by 11 paise at 66.50 in the commencing trade next to the dollar at the Interbank Foreign Exchange following selling of American currency by exporters and bankers amid superior opening at domestic equity markets. The local units rupee was buying and selling at 66.51 level next to the dollar.
On Monday the Indian currency had closed 5 paise up at 66.61 next to the American currency. Dollar’s decreases next to other currencies internationally also supported the rupee rally. Domestic equity markets strong opening also contributed to rupee’s rally. They increase following fresh round of buying amid a firming trend in other Asian markets. At 10.10 am, Sensex was buying and selling 63.58 points up at 28,357.86, while NSE Nifty was trading 24.60 points up at 8,747.65.
The Indian currency was hovering in the range of 66.4825 – 66.5300. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.71 and for Euro stood at 74.88 on September 26, 2016. Whereas the RBI’s reference rate for the Yen stood at 66.13, the reference rate for the Great Britain Pound (GBP) stood at 86.47.
The orientation rates are based on 12 noon rates of a few select banks in Mumbai. According to data released FIIs as per Monday’s data were net sellers in equity segment, though they were net buyers in debt segment. In equity segment, the gross buying was of Rs 5755.00 crore next to gross selling of Rs 6002.71 crore. Thus, FIIs stood as net sellers of Rs 247.71 crore in equities. In the debt segment, the gross purchase was of Rs 1935.79 crore with gross sales of Rs 1386.40 crore. Thus, FIIs stood as net buyers of Rs 549.39 crore in debt.