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On October 29, the rupee nearly finished at 73.45 against the US dollar after its initial gains were wiped out by a late dollar demand from importers, despite strong equity markets and the RBI's willingness to reduce the liquidity problem.
Despite the initial rebound, national unity seemed to be struggling, with the dollar remaining generally firm.
Foreign investors also removed 2,230.79 crores of rupees from the financial markets as the dollar sank to its highest level in 10 weeks and reached 96.66 against the basket of six world currencies. 19659002] The rupee opened up to 73.33 following strong gains on local stock markets.
The local currency, however, ceded its initial gains due to capital outflows and a firming dollar to hit a session low of 73.53.
The Rupee
Brent crude oil futures fell 31 cents to 77.31 dollars a barrel, while those of WTI Futures fell 28 cents to 67.31 dollars [. 1 9659002] Meanwhile , the market benchmark, Senbad, rose 718 points to above 34,000, while the 50-share Nifty exceeded 220 points to close above 10,250. [19659002] At the same time, the decision of the Reserve Bank to invest 40,000 rupees in the system in November, through the purchase of government securities, with the aim of reducing the lack of liquidity, did not encourage the foreign exchange market, but put an end to any significant decline in the rupee.
On October 29, Japan concluded a $ 75 billion bilateral currency exchange agreement, which will help strengthen the stability of foreign exchange and capital markets in the country .
"India and Japan signed a $ 75 billion currency exchange agreement – an additional step VK Sharma, head of the financial and capital markets group of HDFC Securities, said VK Sharma.
The India Private Ltd financial benchmark (FBIL) set the stock market benchmark rate of rupee / dollar at 73.4181 and rupee / euro at 83.6942. reference for the rupee / pound was set at 94.2644 and for the rupee / 100 Japanese yen at 65.62.
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