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Rupee opens strong at 68.59 against the dollar

BusinessToday.In     July 15, 2019

Rupee opened strong at 68.59 at the interbank forex market today and gained 16 paise to touch 68.53 per dollar driven by positive opening in domestic equities and easing crude oil prices.

On Friday, the rupee closed at 68.68 per dollar.

Forex dealers said easing crude oil prices and positive opening in domestic equities supported the rupee. However, foreign fund outflows weighed on the domestic currency and restricted the upmove.

Traders said the currency market is expected to witness volatility ahead of release of WPI inflation numbers scheduled to be released later in the day.

Domestic equity benchmark surged as Sensex reclaimed 39,000 level in opening trade on Monday, followed by NSE Nifty opening above 11,600 level, driven by gains in index heavyweight Infosys, amid positive cues from global markets.

The 30-share index, however, gave up some gains to trade 137 points higher at 38,873 at 1030 hours. Similarly, the broader Nifty rose 21 points to 11,574.

Infosys was the top gainer on both NSE and BSE, at a gain of 5.67% to Rs 766.20, after the IT major posted healthy June quarter earnings post market hours on Friday.  The tech major raised FY20 revenue growth guidance to 8.5-10% and posted better-than-expected 5.3 per cent rise in its June quarter net profit.

Infosys, Sun Pharma, YES Bank, Kotak Bank and Maruti were the top gainers on NSE, while Indiabulls Housing Finance, Vedanta, Tata Steel, Hero MotoCorp and Titan were among the losers.

On Friday, the 30-share gauge Sensex traded 86 points lower at 38,736 by the closing session of Friday and Nifty50 ended at 11,552, at a loss of 30 points..

The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bearish with net selling of Rs 850.11 crore from Indian equities while Domestic institutional investors (DIIs) have flushed outof Rs 940.12 crore Friday.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading higher in their respective early sessions.

The global oil benchmark Brent crude futures was off 22 cents to trade lower at 66.64 per barrel. Earlier, oil prices were trading higher after almost three-quarters of U.S. Gulf of Mexico crude output shut due to a storm.

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