homeuncategorized NewsRupee opens 24 paise higher at 69.71 a dollar as political uncertainty fades

Rupee opens 24 paise higher at 69.71 a dollar as political uncertainty fades

Rupee opens 24 paise higher at 69.71 a dollar as political uncertainty fades
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By CNBC-TV18 May 24, 2019 9:14:07 AM IST (Published)

The rupee jumped 24 paise against the dollar in the Friday’s opening trade, after a historic mandate win by the Narendra Modi government removed the election overhang.

The rupee jumped 24 paise against the dollar in the Friday’s opening trade, after a historic mandate win by the Narendra Modi government removed the election overhang.

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Prime Minister Narendra Modi swept to a massive triumph in the general elections 2019 on Thursday, giving his National Democratic Alliance (NDA) an unassailable lead of 341 seats — well above the halfway mark in Lok Sabha.
As the general election is over, a host of domestic and global factors like crude oil prices, trade tussle between the US and China and the upcoming RBI monetary policy will mainly influence the forex market movements, according to experts.
At 09:10 AM, the rupee was trading at 69.79 a dollar, up 23 paise from its Thursday’s close of 70.02. The home currency opened at 69.71 and touched a high and a low of 69.71 and 69.80 a dollar, respectively.
In the currency market, the dollar steady as investors feared a trade war with China will hurt the economic growth of the US more than previously thought.
Against a basket of key rival currencies, the dollar was largely unchanged at 97.906, having fallen from a two-year high of 98.371 overnight. The index is still up 1.8 percent for the year.
In commodity markets, oil prices jumped more than 1 percent amid OPEC supply cuts and Middle East tensions.
Brent crude futures, the international benchmark for oil prices, were at $68.50 per barrel at 0231 GMT, up 74 cents, or 1.1 percent, from their last close.
Foreign institutional investors (FIIs) were net buyers in the capital markets, buying shares worth 1,352.20 crore on Thursday, according to exchange data.
In debt markets, the yields on the 10-year government bonds were down 0.23 percent to 7.22 percent from its previous close of 7.24 percent. Bond yields and prices move in opposite directions.
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