Business News: The rupee gains 46 paise to 78.94 against the US dollar in early trade, ahead of the Reserve Bank of India’s policy meeting outcome. At the interbank foreign exchange, the rupee opened at 79.15 against the American dollar and then touched 78.94, registering a gain of 46 paise over the last close.
The Indian rupee was down by 25 paise to close at 79.40 against the US dollar. In the initial deals of this, the local unit witnessed an early high of 78.94 and a low of 79.17 against the American currency or dollars.
The endurance of foreign fund inflows into capital markets and softening gross oil prices boosted the local currency. Meanwhile, the dollar index which gauges the greenback’s strength against a basket of six currencies, advanced 0.14% to 105.84%.
On the other hand, the Global oil benchmark Brent gross futures rose 0.22% to USD 94.33 per barrel. The Foreign institutional investors remained net buyers in the capital market, they purchased shares worth of Rs 1,474.77 crores, as per exchange data.
On the domestic equity front, the 30-share Sensex was trading 220.47 points or 0.38 % higher at 58,519.27, while the broader NSE Nifty advanced 59.25 points or 0.34% to 17,441.25%.
The RBI (Reserve Bank of India) can go in for its third consecutive policy rate and that will hike by at least 35% basis points to contain the high retail inflation. And, the central bank of India has already announced that it will gradually withdraw its accommodative monetary policy or expansionary or contractionary stance.
The Reserve Bank of India or RBIs’ rate setting panel, the Monetary Policy Committee will announce its bi-monthly review later in the day.
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