The rupee on Monday opened 8 paise higher at 68.95 against the US dollar on account of some selling in American currency by banks and exporters amid sustained buying by foreign institutional investors. 

The local currency had settled higher on Friday, up 4 paise, amidst cautiousness ahead of G-20 meet outcome. 

 

“US president-Chinese premier truce has lent support to Chinese Yuan and is positive for EM currencies including rupee,” ICICIdirect said. 

 

Foreign investors infused a net amount of Rs 10,384 crore into the domestic capital markets in June and remained net buyers for the fifth month in a row on expectations of continued economic reforms. 

 

Foreign portfolio investors (FPI) invested a net of Rs 2,272.74 crore in equities and Rs 8,111.80 crore in the debt segment, taking the total net investment to Rs 10,384.54 crore in June, according to the depositories’ data. 

 

The dollar index ended slightly lower on Friday, however, is currently trading higher as US president-Chinese premier truce is likely to provide relief to risk currencies as well as to the US dollar in the near term. Investors would track the upcoming US employment data as well as actual progress over US-China trade deal. 

 

Published On : 01-07-2019

 

Source : Economic Times