The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| E-Paper
Search
+

    Rupee and bonds steady ahead of Budget

    Synopsis

    The local unit rose a marginal five paise to close at 68.89 a dollar.

    Getty Images
    The rupee Wednesday ended a tad higher against the dollar ahead of the Union Budget that is expected to spell out reform measures to spur New Delhi's economic growth.

    The local unit rose a marginal five paise to close at 68.89 a dollar almost in line with other emerging market currencies.

    During the day's trading it gained up to 68.95 a dollar with many traders shying away from taking any fresh trading positions.

    It was a lacklustre trading session with the Budget around the corner. All investors are waiting for the Union Budget before they begin to take new bets," said a trader from a foreign bank. Investors are waiting for policy cues.

    Crude oil prices were at $63.16 a barrel versus 62.09 a day earlier. A rise in oil prices bears bad news for India, which meets three-fourths of its oil requirements via overseas shipments.

    "Rising crude oil prices and foreign fund outflows weighed on the domestic currency and restricted its rise," said another trader from a large private bank.

    The dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.03 per cent to 96.70.

    The benchmark government bond yield was little changed at 6.83 Wednesday, lowest level since June 20.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Also Read

    The Economic Times