The Indian rupee on April 10 gained five paise to close at 39.94/95 against a US dollar amidst increased capital inflows and dollar sales even as fears of high oil prices loomed over the forex market. Forex dealers said there was demand for the US currency as well from oil companies which bought dollars as global crude oil prices have surged to $111 a barrel.
The local currency was trapped in range of 39.92 and 40.00 during the day after resuming flat at Rs 39.98/40.00 a dollar.Rising oil prices was a cause of concern for investors as it results in widening of trade deficit because the country imports about 70 per cent of oil requirements and in turn puts downward pressure on the rupee, they added.
Dollar weakness against major currencies in overseas markets also aided the rupee sentiment.Meanwhile, the Asian equity markets exhibited steady to sluggish trend. Indian benchmark Sensex lost about 95 points or 0.60 per cent.Foreign Institutional Investors (FIIs) made net purchases of $468.60 million in three days after April 4.
The local currency was trapped in range of 39.92 and 40.00 during the day after resuming flat at Rs 39.98/40.00 a dollar.Rising oil prices was a cause of concern for investors as it results in widening of trade deficit because the country imports about 70 per cent of oil requirements and in turn puts downward pressure on the rupee, they added.
Dollar weakness against major currencies in overseas markets also aided the rupee sentiment.Meanwhile, the Asian equity markets exhibited steady to sluggish trend. Indian benchmark Sensex lost about 95 points or 0.60 per cent.Foreign Institutional Investors (FIIs) made net purchases of $468.60 million in three days after April 4.
No comments:
Post a Comment