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Rupee extends gains by 28 paise

Thu Sep 05 2019

 

The rupee settled for the day with gains of 28 paise at 71.84 against the US dollar on Thursday as investor sentiment revived after China and the US said they will resume trade talks.

 

At the forex market, the local unit opened on a strong note at 71.87, and finally closed at 71.84, higher by 28 paise over its previous close.

 

During the day, the domestic unit shuttled between a high of 71.79 and low of 71.98 during the day.

 

“India’s rupee rises for the second day as risk-on sentiments drove global equities higher after China and US said they would resume trade talks in October. Rupee is expected to follow the movement of the Chinese currency as it has been doing since August,” said VK Sharma, Head - PCG and Capital Markets Strategy, HDFC Securities. Meanwhile, the 10-year government bond yield was at 6.58 per cent on Thursday.

 

Source: Hindu business line.

 

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