Rupee Advances To Close Above 72 Mark Against Dollar: 10 Things To Know
- Positive macroeconomic data along with the new Reserve Bank of India governor's move to open up a dialogue with lenders boosted the currency, say analysts.
- Consumer inflation dropped to 2.33 per cent in November, marking the smallest increase in rates since June 2017 and remaining below the central bank's medium-term target for a fourth straight month.
- "Inflation data has been encouraging. This coupled with a positivity around the quick appointment of the new governor has helped bring the rupee below 72 per dollar," said Salil Datar, executive director and CEO, Essel Forex.
- The new Reserve Bank of India governor, Shaktikanta Das, took charge on Wednesday. In his first press conference as central banker, he stressed on the need for a consultative approach to tackle pressing economic issues.
- "The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said.
- Separate data showed that factory activity, measured by Index of Industrial Production (IIP), grew at 8.1 per cent in November, well above a downwardly revised 4.47 per cent in the previous month.
- Crude oil prices steadied on Thursday amid indications that the trade war between the US and China may be easing. Brent – the international benchmark for crude oil - was unchanged at $60-per-barrel levels.
- Besides, some weakness in the dollar against major peers overseas also supported the rupee. The dollar index, which measures the greenback against six major rivals, was down a tad at 96.958, after retreating from a near one-month high overnight.
- Domestic equity market finished 0.5 per cent higher on Thursday, rising for the third consecutive session. The Sensex ended 150 points higher at 35,929 and the Nifty settled at 10,791, up 53 points from the previous close.
- Mr Datar said he expects the rupee to trade between 71.20 and 72 against the dollar for now.
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