Rupee hits 4-week high, up 9 paise against US dollar
Summary
The rupee strengthened by 9 paise to hit a four-week high of 64.78 against the US dollar today as bond yields fell 25 basis points after the government announced lower-than-expected borrowing plan for the first half of FY19. The government said it will borrow Rs 2.88 lakh crore in the April-September period of 2018-19, lower …
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The government said it will borrow Rs 2.88 lakh crore in the April-September period of 2018-19, lower than Rs 3.72 lakh crore it had borrowed in the first half of the current fiscal, and introduce bonds linked to CPI or retail inflation.
A positive opening for the stock market also boosted the domestic currency, dealers said.
Yesterday, the rupee had gained 14 paise to end near a two-week high of 64.87 against the US currency on sustained dollar unwinding by exporters and banks.
Meanwhile, the benchmark BSE Sensex rose 233.41 points, or 0.70 per cent, to 33,299.82 points in early trade today.
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