The rupee was trading 31 paise to 69.39 against the US dollar in early trade on Monday due to slump in crude oil prices and strengthening of domestic equity markets.
Foreign currency dealers said, the rupee was strengthened before the meeting of Reserve Bank of India monetary policy. The meeting of Monetary Policy Committee (MPC) is commencing from today. This meeting will last till June 6. This committee decides on interest rates.
In the Interbank Forex market, the rupee opened strong today at 69.48 and after that it gained further and due to positive gains in the domestic market, it reached level at 69.39. The rupee closed at 69.70 against the dollar on Friday.
Foreign currency dealers said, before the Reserve Bank of India monetary policy meeting, on Monday, the yield of 10-year government bonds came down to 6.95 percent. It was 7.03 percent on Friday. Forex traders said that foreign currency flows also supported domestic currency. On the other hand, according to temporary data, foreign institutional investors (FIIs) remained net buyers in the capital markets. On Friday, he made a purchase of Rs 676.15 crore on pure basis.
Global oil benchmark Brent crude futures fell 1.13 percent to $ 61.29 a barrel. The benchmark BSE Sensex was trading 187.60 points or 0.47 per cent higher at 39,901.80, while NSE was trading 40.30 points or 0.34 per cent higher at 11,963.10.
Foreign currency dealers said, the rupee was strengthened before the meeting of Reserve Bank of India monetary policy. The meeting of Monetary Policy Committee (MPC) is commencing from today. This meeting will last till June 6. This committee decides on interest rates.
In the Interbank Forex market, the rupee opened strong today at 69.48 and after that it gained further and due to positive gains in the domestic market, it reached level at 69.39. The rupee closed at 69.70 against the dollar on Friday.
Foreign currency dealers said, before the Reserve Bank of India monetary policy meeting, on Monday, the yield of 10-year government bonds came down to 6.95 percent. It was 7.03 percent on Friday. Forex traders said that foreign currency flows also supported domestic currency. On the other hand, according to temporary data, foreign institutional investors (FIIs) remained net buyers in the capital markets. On Friday, he made a purchase of Rs 676.15 crore on pure basis.
Global oil benchmark Brent crude futures fell 1.13 percent to $ 61.29 a barrel. The benchmark BSE Sensex was trading 187.60 points or 0.47 per cent higher at 39,901.80, while NSE was trading 40.30 points or 0.34 per cent higher at 11,963.10.
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