Advances To Fresh 17-Mnth Highs Against Dollar

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Gold Silver Reports — The Indian rupee commenced almost flat against the dollar on Wednesday, 29 March 2017 but managed to advance from thereon to hit a fresh 17-month high in early trades on increased liquidation of the American currency by exporters and banks. A higher stock opening and continued foreign inflows supported the rupee. However, the dollars recovery against some currencies overseas restricted the rupee upmove.

The domestic currency opened at Rs 65.07 against the dollar and climbed to a high of 64.9175 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.9375. On Monday, registering its second-biggest single-day gain this year, the rupee had zoomed 37 paise to close at a 17-month high of 65.04. Forex and money markets were closed yesterday for Gudi Padwa.

Domestic benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 59.63 points or 0.20% at 29,469.15. The Nifty 50 index was currently up 22.50 points or 0.25% at 9,123.30. Positive global cues and robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, boosted investors sentiment.

Overseas, Asia markets were mostly higher, following gains in US equities on the back of a strong consumer confidence survey with markets awaiting the formal move by the UK to start an historic split with the European Union.

Meanwhile, the dollar pulled away from 4-1/2-month lows against a currency basket on Wednesday after solid data backed expectations for more U.S. interest rate hikes this year, while sterling was knocked by Britain triggering its exit from the European Union. The dollar index, which tracks the greenback against six major rival currencies, edged up slightly to 99.751 (DXY). It managed to crawl off a low of 98.858 plumbed earlier this week, its weakest level since Nov. 11, in the wake of U.S. President Donald Trumps failed healthcare reform bill. — Neal Bhai Reports

Advances To Fresh 17-Mnth Highs Against Dollar | Gold Silver Reports