Indian rupee gains 16 paise at 66.86 against dollar on US Fed policy outcome.

Indian rupee opened firm by gaining 16 paise at 66.86 against the US dollar at the Interbank Foreign Exchange on Thursday following selling of American currency by bankers and exporters amid firm domestic markets. The local currency was trading 14 paise up at 66.88 at 9.48 am and it had closed flat at 67.02 against the American currency on Wednesday as investors remained cautious ahead of the US Federal Reserve policy decision. Domestic equity markets also supported the rupee that surged following their global counterparts. Global markets rallied after US Federal Reserve kept the policy rates unchanged. At 9.55 am, Sensex was trading 313.90 points up at 28,821.32, while NSE Nifty was trading 95.40 points up at 8,872.55.

Dollar was weak against other emerging market currencies on US Federal Reserve policy outcome, which also helped in rupee’s rally

On Wedneaday, the rupee had closed flat at 67.02 against the US dollar as demand for American currency rose among bankers and importers.

The Indian rupee was hovering in the range of 66.82 and 66.88 against the US dollar at 9.48 am.

The FIIs as per Wednesday’s data were net buyers in equity and debt segments both, according to data released by the NSDL. In equity segment, the gross buying was of Rs 4551.11 crore against gross sell of Rs 3445.40 crore. Thus, FIIs stood as net buyers of Rs 1105.71 crore in equities.

In the debt segment, the gross purchase was of Rs 1280.64 crore with gross sales of Rs 1214.76 crore. Thus, FIIs stood as net buyers of Rs 65.88 crore in debt.

Source : financialexpress.com