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Rupee Gains Against The US Dollar For The Fourth Straight Session

Olga Robert

The Indian rupee continued its rally against the US dollar on Tuesday. It opened 13 paise higher at 69.75 against the dollar when compared to Monday's close of 69.88.

This is the fourth consecutive trading session of gain for the Indian currency. An increase of foreign investment in the country's debt and equity markets ahead of the General Assembly Elections gave some support against the currently strong US dollar. In March alone, foreign investors have bought equities worth $833.26 million and debt worth $586 million from the Indian markets.

The rupee has gained 0.15 percent so far this year, as foreign investments for the year-to-date period has been $3.13 billion in equity and $1 billion in debt.

Meanwhile, the BSE benchmark Sensex opened 291.67 points higher at 37,345.77 while NSE's Nifty 50 rose 80.50 points to 11,248.50. Other Asian currencies, namely South Korean won, Indonesian rupiah, Chinese renminbi, Singapore dollar and Malaysian ringgit were all trading higher in morning trade today.

The 10-year bond yield was trading up at 7.367 percent, as compared to its Monday's close of 7.35 percent. Bond yields and prices move in opposite directions.

The traders now remain cautious ahead of the release of inflation and industrial production data by the Indian government on Tuesday.

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