INSUBCONTINENT EXCLUSIVE:
The rupee rose to 70.02 against the dollar during the session but failed to sustain those gainsThe rupee rose mildly against the US dollar
to close at 70.10 on Tuesday
That marked a recovery of 6 paise against the greenback, compared to the all-time closing low of 70.16 registered in the previous session
Weakness in the dollar, which declined to its lowest level recorded in nearly a month against a group of six major currencies, also provided
some support to the rupee.The rupee had advanced to 70.02 at the day's highest point, but limited the upside by the end of the session.The
basket of major currencies as investors sought riskier assets and the greenback's safe-haven appeal declined."With the US reaching a
bilateral agreement with Mexico, the dollar index has dropped from 96 to 94 levels
However, with Brent oil inching up to $75 / barrel, rupee will continue to be under pressure," Salil Datar, CEO and executive director,
Essel Finance VKC Forex, told TheIndianSubcontinent.International crude oil prices rose towards their highest since July 11, thanks to
barrel in recent trade.Meanwhile, domestic stock markets continued their record-setting spree
Continued inflows by institutional investors pushed the stock markets higher.Foreign portfolio investors (FPIs) net purchased equities worth
Rs 252.52 crore while net buys by domestic institutional investors (DIIs) stood at Rs 1,117.24 crore on Monday, according to provisional
With the GDP data expected this week, we expect rupee to range between Rs 69.75-70.40," Mr Datar added.(With agency inputs)
