Rupee Gains Against The Dollar In Early Trade

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    The Indian rupee rose as much as 0.11 percent or 8 paise to 71.90 a dollar in early trade on Friday morning. It opened almost flat at 71.99 against the American currency from its previous closing of 71.98 on Thursday.

    Rupee Gains Against The Dollar In Early Trade
     

    Market experts say that the recovery has been a result of weakness in the dollar, foreign fund inflows and the sharp decline in oil prices. As rescue measures from the government and the RBI including easing external commercial borrowing and masala bond norms failed to outweigh the increasing burden of high oil rates early in October, the rupee fell to 74/dollar levels. The fall in the international crude prices has helped the domestic currency recover, as India depends on other countries for nearly 80 percent of its fuel supply, increasing its import bill when prices rise.

    Trade balance details released on Thursday showed that the deficit has widened to $17.13 billion in October, compared to $13.98 billion in the month before. India's oil imports were up by 52.64 percent to $14.21 billion when compared to the same month last year.

    The RBI will be conducting Rs 30,000 crore of three-day variable rate reverse repo auction and Rs 23,500 crore of 14-day term repo auctions in the bond market. The benchmark 10-year government bond was at 7.76%, slightly higher than its previous close of 7.75 percent.

    Read more about: rupee
    Story first published: Friday, November 16, 2018, 11:01 [IST]
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