Rupiah: Rupee advance 15 to 68.72 on weak dollar

The rupee is still appreciated 15 points against the US dollar to close at 68.72 due to the steady sale of dollars by exporters and banks, in the midst of a dramatic recovery local stocks and losses on the greenback.

The unblocking of long dollar positions built by speculative traders on the basis of a feeling of extreme weakness abroad has mainly supported the local currency, a broker said.

Initially, the rupee extended Friday 's rebound to reach its one – week high before giving up significant hikes in the early days as hedging companies went down. The rupee had recovered from 8 paise Friday, the lowest of all time 68.95 on 5 July.

By maintaining its trend of recovery, the domestic unit resumed sharply higher, at 68.57 against the previous close of 68.87 in the Interbank Foreign Exchange (Forex) market.

However, the national currency failed to capitalize on strong early gains and gradually abandoned to the end trade to reach a low of 68.80 before ending at 68.72, a gain of 15%. let's say, 0.22%.

Traders have been cautious before publishing data on consumer price inflation (CPI) and the index of industrial production this week, a retailer said.

The RBI, on the other hand, fixed the reference rate for the dollar at 68.7545 and for the euro at 80.4771.

The US dollar was trading at nearly three and a half weeks of lows compared with its rivals after a mixed report on jobs in the United States sparked the sale of investors. The dollar index was down 0.16 percent to 93.81.

Most Asian currencies also rose against the greenback.

On the energy front, world crude prices have changed little, as rising US drilling is likely to increase shale production, a clear evidence of a tightening of oil prices. 39; offer. The barrel of Brent was up to 77.72 dollars a barrel in Asian trade.

On the other hand, the domestic bond market gave way to new sales pressures and the 10-year benchmark yield edged up from 7.87% to 7.89%.

The benchmark Bense Senbad increased by about 277 points, or 0.78%, to close at its highest level in five months, or 35,934.72, even as the FII sold shares of a net worth of 569 crores.

In the cross-currency trade, the rupee rebounded against the euro to stand at 80.53 against 80.69 and also rose against the Japanese yen to finish at 62.24 per 100 yen against 62.27 last weekend.

The local unit, however, remained under pressure against the pound sterling to close at 91.70 per pound as against 91.13 previously.

In the futures market today, premium to continue to slide due to the consistent receipt of exporters.

On the futures market today, the six-month term premium repayable in November is lightened to 115-117 paise from 116.50-118.50 paise and the May 2019 contract to 263.25-265.25 265-267 pounds last Friday.