Biggest single-day gain for rupee in about a year
时间:2024-06-26 12:28:54 阅读(143)
With the dollar weakening further in the wake of US Fed Reserve chairman Jerome Powell’s dovish comments, the rupee on Friday rallied against the greenback and posted its single biggest daily gain in about a year.
The rupee ended the session at 79.26, 0.6% stronger than Thursday’s close of 79.7550, a gain of 45 paise. Friday’s gain came on the back of a 22 paise appreciation on Thursday.
The dollar index, which measures the greenback’s strength against a basket of six currencies, slipped 0.21% to 106.13.
The benchmark 10-year bond yield closed Friday’s session at 7.3196%, compared with Thursday’s close of 7.3316%.
While the Indian currency had slipped below the 80-mark against the dollar on July 21, it has since regained lost ground led by helpful factors, including portfolio inflows into the stock market and the softening in the prices of some commodities.
Reserve Bank of India (RBI) governor Shaktikanta Das had said last week the central bank has zero tolerance for volatile movements in the currency. Currency market dealers say that while the dollar has given up some strength following the Fed Chair’s observations, it was possible the greenback might regain its value as money moves to a safe-haven currency. However, the rupee could get good support from fresh foreign capital inflows, if they sustain.
The Federal Open Market Committee raised the policy Fed Funds rate by 75 bps in the range of 2.25-2.5% but also stated in a clearly dovish sentence: “Recent indicators of spending and production have softened”. Powell also stated that “it will become appropriate to slow the pace of increases” in the policy rate “while we assess how our cumulative policy adjustments are affecting the economy and inflation”.
猜你喜欢
- Chandresh Nigam leaves Axis MF, Gopkumar to succeed
- Adani Enterprises shares fall 2% as firm fixes Rs 20,000 cr FPO price band- Check floor price, should you buy-
- Buybacks in first half of 2022 soar past last year’s figure- TCS leads with Rs 18,000-cr offer
- 52-week high, 52-week low- Adani Power, Adani Wilmar at fresh highs on BSE; Future group stocks at lows on NSE
- Buy these two stocks for near-term gains; Nifty en route to test life-time highs soon
- CIE Automotive India- Brokerage expects margin boost, check best price to buy
- NSE FO ban- Adani Ports under ban on Monday, February 6, 2023
- Adani shares continue fall amid MSCI review
- ACC, Ambuja Cements, Adani Group, Wipro, Hero MotoCorp, Tata Steel, Central Bank of India stocks in focus