Indian rupee Vs dollar today: Rupee rises on govt's borrowing plan for FY19
Indian Rupee was trading at 64.765 above 0.056 points or 0.09% against US dollar.
Indian rupee was trading on a positive note against US benchmark dollar index on Tuesday, as Indian markets reversed previous day losses, with Sensex rising over 230 points and Nifty 50 earmarking over 10,000-mark. In early opening of trading session, the rupee strengthened by 9 paise to hit a four-week high of 64.78 against the US dollar as bond yields dropped by 25 basis points after when the government announced lower-than-expected borrowing plan for the first half of upcoming fiscal year FY19.
At around 1014 hours, Indian Rupee was trading at 64.765 above 0.056 points or 0.09% against US dollar.
Dealers said in a PTI report," A positive opening for the stock market also boosted the domestic currency."
The report added, the US dollar, however, had strengthened against some currencies overseas amid reports of trade negotiations between the US and China, which eased fears of a trade war and improved investors' appetite for riskier assets.
From April - September period of FY19, the government said it will borrow about Rs 2.88 lakh crore - which is lower than Rs 3.72 lakh crore borrowed in the first half of the current fiscal, and introduce bonds linked to CPI or retail inflation.
Meanwhile, the Sensex was trading at 33,166.35 above 99.94 points or 0.30, however, in early trade the benchmark rose 233.41 points, or 0.70 per cent, to 33,299.82 points. While Nifty 50 surged over 25.10 points or 0.25% trading at 10,163.15.
In previous day, the rupee had gained 14 paise to end near a two-week high of 64.87 against the US currency on sustained dollar unwinding by exporters and banks.
Also, on Monday, foreign investors made gross purchase of Rs 9840.09 crore, along with gross sales of Rs 6891.09 crore - which led to inflow of Rs 2949.00 crore together in equity, debt and hybrid market.