Indian Rupee vs Dollar today: Domestic currency touches over 5-month high
At around 1126 hours, the domestic unit was trading 65.225 down by 0.040 or 0.08% - a level which was last seen in October 11, 2017.
Indian Rupee touched more than five-month high against US benchmark dollar index today, on some dollar-buying by importers and banks and weakness in the domestic equity market. However, at around 1126 hours, the domestic unit was trading 65.225 down by 0.040 or 0.08% - a level which was last seen in October 11, 2017.
Dealers in a PTI report said, "The greenback's gains against major global currencies ahead of the US Federal Reserve's key policy meet that kicks off later in the day, in which it is expected to hike interest rates, weighed on the domestic unit."
In previous day, the rupee dropped 23 paise to close at 65.17 against the dollar due to concerns over a widening current account deficit.
In the new fiscal year, the increase in twin deficits, calendar seasonal and diminishing global liquidity will stress the rupee. Over Q1FY2019, the rupee is expected to weaken to 66/$.
Meanwhile, Sensex and Nifty have reversed losses in the early opening during the day. At around 1130 hours, Sensex was trading at 33,068.14, up by 145.02 points or 0.44%, while Nifty 50 surged by 45.65 points or 0.45% trading at 10,139.90.
Moreover, foreign investors on March 19, made gross purchase of Rs 17,241.49 crore, while gross selling was at Rs 16,742.33 crore, with this there was an inflow of Rs 499.16 crore together in equity, debt and hybrid market.
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