{"id":109318,"date":"2019-01-01T15:40:21","date_gmt":"2019-01-01T15:40:21","guid":{"rendered":"https:\/\/www.bnreport.com\/rupee-begins-2019-on-a-high-jumps-34-paise\/"},"modified":"2019-01-01T15:40:21","modified_gmt":"2019-01-01T15:40:21","slug":"rupee-begins-2019-on-a-high-jumps-34-paise","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/rupee-begins-2019-on-a-high-jumps-34-paise\/","title":{"rendered":"Rupee begins 2019 on a high, jumps 34 paise"},"content":{"rendered":"

Mumbai: The Indian rupee<\/a> kicked off 2019 on a resounding note, building up on gains of the previous two sessions and adding another 34 paise Tuesday to close at 69.43 against the US dollar<\/a> on increased selling of the greenback by exporters and smart gains in domestic equities.<\/p>\n

The domestic unit has rallied by a hefty 92 paise in the last three trading sessions.<\/p>\n

Traders said sustained selling of the American currency by exporters and banks propped up the rupee.<\/p>\n

At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 69.63. It gained further to hit a high of 69.43 following dollar selling by exporters, before finally closing at 69.43, up 34 paise.<\/p>\n

On Monday, the rupee signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar.<\/p>\n

However, the domestic currency clocked a 9.23 per cent fall in 2018.<\/p>\n

On year-over-year basis, the rupee depreciated by a whopping 509 paise, or 9.23 per cent, as compared to 2017-end level of 63.87.<\/p>\n

Domestic brokerage firm Kotak Institutional Equities in a research report said that the year 2019 seems to be a better starting point in terms of valuation, currency.<\/p>\n

"The INR seems to be fairly valued; we see mild depreciation in 2019 compared to the sharp correction that it saw in 2018," the report said.<\/p>\n

Traders said, a positive trend in the domestic equities also supported the local unit.<\/p>\n

Indian equity market started the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday. The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.<\/p>\n

Meanwhile, foreign funds pulled out Rs 326.87 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 321.98 crore Monday, provisional data showed.<\/p>\n

The dollar index was trading down by 0.31 per cent at 95.87 against a basket of six currencies in the late afternoon trade.<\/p>\n

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee\/dollar at 69.7131 and for rupee\/euro at 79.9330. The reference rate for rupee\/British pound was fixed at 88.9748 and for rupee\/100 Japanese yen<\/a> at 63.57.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a>
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ET Markets<\/a><\/h5>\n

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Mumbai: The Indian rupee kicked off 2019 on a resounding not..<\/p>\n","protected":false},"author":1,"featured_media":109319,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-109318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nRupee begins 2019 on a high, jumps 34 paise - Business News Report<\/title>\n<meta name=\"description\" content=\"Mumbai: The Indian rupee kicked off 2019 on a resounding not..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/rupee-begins-2019-on-a-high-jumps-34-paise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rupee begins 2019 on a high, jumps 34 paise - 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