Rupee Trades Higher Against US Dollar After Reaching A High Of 68.13

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In today's trade, rupee opened the day with a slight change at 68.11 against yesterday's close of 68.05 and later the domestic currency touched an high of 68.13.

Rupee Trades Higher Against US Dollar After Reaching A High Of 68.13

The domestic currency on Tuesday breached past the 68 mark for the first time since January 2017 on the back of Karnataka election results that came in as a surprise later during the day with JDU and Congress set to form the government in the state. 

Nonetheless, the currency later recovered and was trading higher against the dollar. At 9:15 am, the rupee was seen trading at 67.97 a dollar.

The benchmark 10-year bond yield was trading lower by only a margin at 7.904% as against its previous day's close of 7.905%.

In the year 2018 so far, the currency has dropped in value by as much as 6%, whereas foreign investors have put in and sold $793.60 million and $3.26 billion respectively, in both equity and debt markets.

As per the data released on Tuesday, the trade deficit for the April month has also widened to $13.72 billion from $13.69 billion in March. At the same time, there was a recovery seem in exports due to the double-digit growth registered in the case of exports of pharma and engineering goods.

Meanwhile, the benchmark Sensex index opened higher by 0.14% or 51.05 points to 35586.84.

Notably, overnight US benchmark 10-year yield rose to the highest level since 2011 that raises all possibilities of the Federal Reserve increasing interest rates three more times during the year.

Goodreturns.in

Story first published: Wednesday, May 16, 2018, 10:27 [IST]
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