INSUBCONTINENT EXCLUSIVE:
In the last five sessions, the rupee had fallen by 3 per cent against the dollar.
The rupee snapped
its five-day losing streak against the dollar on Thursday and ended 20 paise higher against the US dollar
The rupee ended at 70.69 against the dollar tracking gains in domestic equity markets which surged after reports of rollback of a tax
surcharge on foreign portfolio investors surfaced, news agency Press Trust of India (PTI) reported
The rupee opened higher at 70.80 and hovered between 70.55 and 70.94 during the day against the greenback
The rupee had closed at 70.89 against the American currency on Wednesday
Here are key things to know about rupee-dollar rate today:Forex dealers attributed the uptick in the rupee to reports of
rollback of recently imposed a higher tax on foreign portfolio investors."This news came in as a big relief for the domestic currency as
well as for equity markets
Huge short-covering rally was seen in the domestic equity markets," Press Trust of India quoted V K Sharma, head-PCG - capital market
increase income tax surcharge on super-rich including FPIs, foreign investors have sold equities worth $2.73 billion on a net basis till
date, Mr Sharma said.However, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 437.39
crore on Thursday, NSE's provisional data showed.Market participants noted that the Reserve Bank of India's move on the key interest
from the day's lowest level in the last hour of trade amid reports that the government is likely to withdraw higher surcharge on foreign
177 points to settle at 11,032.The dollar index, which gauges the greenback's strength against a basket of six currencies, inched up 0.02
Meanwhile, the 10-year government bond yield was at 6.40 per cent on Thursday.Brent crude futures, the global oil benchmark, climbed 1.14
per cent to $56.87 per barrel.In the last five sessions, the home currency had fallen by 3 per cent against the dollar.Get Breaking news,
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