INSUBCONTINENT EXCLUSIVE:
The 10-year government bond yield was at 6.41 per cent in morning trade.
The rupee rose as much as
25 paise - or 0.35 per cent - against the dollar on Friday
Analysts say gains in domestic equities amid reports of a meeting between foreign investors and finance ministry officials regarding higher
tax surcharge during the day provided support to the local currency
At the forex market, the rupee opened higher for second straight day at 70.54 against the US currency and climbed to 70.44 at the day's
highest point by afternoon, against Thursday's close of 70.69
At 11:49 pm, it was trading at 70.49 against the greenback
Here are 10 things to know about rupee's movement today:The government is likely to exempt foreign portfolio investors
(FPIs) from an increase in taxes in this year's Budget approved by Parliament, officials were quoted as saying by news agency Reuters
This supported the domestic unit, say analysts.Domestic stock markets registered a surge on Friday
The S-P BSE Sensex gained over 400 points at day's high and the broader NSE Nifty benchmark traded above 11,160.According to analysts,
rupee may see some mean reversion ahead of weekly close in rupee
"Price action could remain sideways until 71.05 gets taken out," forex advisory firm IFA Global said in a note."Next week is a truncated one
and trading activity is likely to be light," it said
Forex markets will remain shut on August 15 on account of Independence Day.Foreign institutional investors (FIIs) remained net sellers in
Monetary Policy Committee (MPC) cut the repo rate - the key interest rate at which it lends short-term funds to commercial banks - by 35
current fiscal year, and said it sees inflation remaining inside its target range over a 12-month horizon.Get Breaking news, live coverage,
and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
