Moneycontrol
Jul 14, 2017 06:12 PM IST | Source: Moneycontrol.com

Indian rupee ends flat at 64.45 against US dollar

The Indian rupee on Friday ended flat against the US dollar at 64.45, as investors refrained from taking long positions

Indian rupee ends flat at 64.45 against US dollar

Pranay Lakshminarasimhan
Moneycontrol News

The Indian rupee on Friday ended flat against the US dollar at 64.45, as investors refrained from taking long positions amid high volatility in local equity markets.

Intraday, the rupee touched a high and low of 64.42 and 64.48 against the dollar. Dealers said that trade was lacklustre in the inter-bank foreign exchange market and that no major positions were taken.

The benchmark Sensex and Nifty indices ended largely unchanged from their previous closing levels at 32,020.75 and 9,886.35, respectively.

The dollar index, which measures the strength of the greenback against a basket of six other major currencies, fell by 0.1 percent and was trading at 95.65. Other Asian currencies like the Taiwan dollar, Japanese yen, South Korean won, Singapore dollar and Malaysian ringgit were all trading between 0.04 percent and 0.13 percent weaker against the US dollar.

So far this year, the rupee has gained by over 5 percent against the dollar, gaining from increased inflows from foreign portfolio investors, who have bought USD 16.2 billion and USD 8.4 billion in local debt and equity markets, respectively.

Meanwhile, the 10-year benchmark yield ended at 6.46 percent, 1 basis point higher than its previous close. Bond prices and yields move in opposite directions.

Indian bonds have remained untouched by the recent sell-off seen in government bonds of countries across the globe. Analysts maintain that India offers one of the highest real interest rates in the world, certainly the highest in Asia, and this will keep investors interested in Indian debt.
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