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Rupee spurts 20 paise to end at 7-month high

Friday, March 15, 2019

The rupee appreciated by 20 paise to close at a seven-month high of 69.34 against the US dollar yesterday, extending gains for a fourth session in a row, on robust foreign inflows ahead of general elections.

The domestic currency in the four sessions to yesterday has appreciated by 80 paise or 0.8% on hopes of forex inflows.

"Rupee and sovereign bonds have recovered from day's low and turned positive even after RBI's plan to inject USD 5 billion liquidity via three-year foreign exchange swap auction," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

The Reserve Bank Wednesday said it will inject long-term liquidity worth USD 5 billion into the system through dollar-rupee swap arrangement with banks for three years.

"RBI announcement will have a limited impact on USD/INR spot on higher rupee liquidity in the economy, expectations of lower OMOs and likely greater FX inflows on lower hedging costs," Sharma said.

The strong foreign fund flows in current month also bode well for the rupee strength.

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