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Rupee continues trading with strength on incremental foreign inflows into debt market

19 Jan 2015 Evaluate

Indian rupee, after making a good start, continued trading stronger against dollar on Monday on incremental foreign inflows into debt market. Exchange data showed that global funds purchased $1.3 billion more rupee-denominated sovereign and corporate debt than they sold last week through January 15, which took inflows to this month to $1.8 billion. Besides, increased selling of the American currency by exporters and banks and gains of domestic equity market supported the rupee. On the global front, besides increased selling of the American currency by exporters and banks, a higher opening in the domestic equity market supported the rupee but dollar’s strength against other currencies capped the gains.

The partially convertible currency is currently trading at 61.69, stronger by 18 paise from its previous close of 61.87 on Friday. The currency touched a high and low of 61.73 and 61.58 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.89 and for Euro stood at 72.00 on January 16, 2015. While, the RBI’s reference rate for the Yen stood at 53.08, the reference rate for the Great Britain Pound (GBP) stood at 93.9231. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 16, 201561.89 93.9231
January 15, 201561.75 94.0154

(RBI-Reference Rate)

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