news details |
|
|
| Rupee rises 19 paise to close at 82.94 against US dollar | | | agencies
NEW DELHI, Sept 22: The rupee appreciated 19 paise to 82.94 against the US dollar on Friday, as the inclusion of India in the JP Morgan bond index boosted investor sentiment.
Forex traders said the decision of JP Morgan Chase & Co to include Indian government bonds in its benchmark emerging market index is expected to have far-reaching implications for India's debt market and global investors.
At the interbank foreign exchange market, the local unit opened at 82.75 against the US dollar and touched the lowest level of 82.97 in the day trade.
The rupee finally settled 19 paise higher at 82.94 against the previous close.
On Thursday, the rupee settled at 83.13 against the US dollar.
India's inclusion in a major global bond index will open doors to increased foreign investment in the nation's debt market, traders said.
Analysts expect India's inclusion in a major global bond index will lead to a direct inflow of USD 20-25 billion in the debt over the 18-21 months.
"The Indian rupee outperformed in the week gone and rebounded after three weeks of downfall after India's bond inclusion in the Global Bond Index. Though the inflows will come next year, the sentimental impact has been seen on the local rupee," Dilip Parmar, Research Analyst, HDFC Securities, said.
The impact of the announcement may not be sustainable amid a rally in the greenback and foreign fund outflows from domestic equities amid a surge in the short-term US bond yields.
In the near-term, spot USDINR is likely to trade in the range of 83.15 to 82.60, Parmar added.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
