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Rupee rises 15 paise to 64.89 vs USD on strong macro data

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Press Trust of India Mumbai
Last Updated : Mar 13 2018 | 6:50 PM IST
The rupee today rose further by 15 paise to close at 64.89 against the US currency on heavy foreign fund inflows after strong macro-economic data.
The rupee opened higher by 9 paise at 64.95 against the US dollar on better-than-expected inflation numbers and mild selling of the greenback by exporters amid sustained foreign capital inflows.
The currency rose further to touch a high of 64.8450 in day trade but a steady dollar against the global currencies capped its gains.
The local currency finally settled at 64.89 per dollar, showing gains of 15 paise or by 0.23 per cent. The Indian unit had advanced by 0.19 per cent yesterday.
"Indian Rupee got a macro boost with rising IIP and softer CPI eased rate hike fears. Rupee gains also followed those in 10 year bonds. US dollar index in the meanwhile was seen trading firm ahead of US inflation figures for February," Anand James, Geojit Financial Services said.
Retail inflation slowed for the second consecutive month to 4.4 per cent in February from 5.1 per cent in January and 5.2 per cent in December, easing fears of rate hike by the RBI.

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Industrial production grew at a robust pace for the third straight month, at 7.5 per cent in January on a strong show by manufacturing activity.
Foreign investors put in a little over Rs 7,000 crore in stocks today, bolstering the rupee, according to the provisional exchange data.
Meanwhile, the RBI fixed the reference rate of the rupee at 64.9567 against the US dollar and 80.0916 for the euro.
In the cross currency trade, the rupee closed lower at 90.13/15 against the pound sterling. It also fell against the euro to finish at 80.04/06 from 79.98 earlier.
The Indian unit edged up against the Japanese yen to 60.54/56 per 100 yen from 61.01 per 100 yen amid a political crisis engulfing the economy.
In the forward market, the benchmark six-month forward premium payable in August moved to 122.50 -124.50 paise from 124.50 -126.50 paise. The fag-forward February 2019 contract edged up to 241-243 paise from 244-246 paise previously.
Crude oil prices too edged up with the Brent North Sea rising 11 cents to USD 65.06 per barrel and Oil - West Texas Intermediate gaining 17 cents at USD 61.53 per barrel.

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First Published: Mar 13 2018 | 6:50 PM IST

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