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Indian Rupee breaches 60 mark, closes at 8-month high

March 28, 2014 - New Delhi

  • For the first time in eight months, Rupee has finally breached the 60-level against US dollar, to close at an eight month high of 59.89. It touched a high of 59.68.
  • The new high is backed by robust inflows from Foreign Institutional Investors (FIIs).
  • Indian Rupee has been the best performer in emerging market currencies in 2014 after Indonesian rupiah
  • Reserve Bank of India (RBI) has been buying dollars helping rupee gain steadily. It is taking advantage of the money pumped by Foreign Institutional Investors (FIIs).
  • Rupee has reached an all-time low of 68.83 on August 28, 2013
  • A stronger rupee will make imports cheaper and reduce pressure on inflation. It will also mean that overseas education and international travel will get cheaper.
  • FIIs have purchased a net $3.7 billion in equities since the start of 2014 until March 27. They invested $5.8 billion in Debt markets to take advantage of the interest rate differentials.
  • Meanwhile Sensex ended up 125.6 points up at 22339.97. Nifty closed at 6695.9, up 54.15 points. Both Nifty and Sensex ended at record closing highs.

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