Rupee trades at 60.52 per dollar, highest in over seven months

Mumbai: The Indian rupee on Tuesday strengthened to its highest level in more than seven months, tracking broad global losses in the dollar and as foreign investors continued to buy into a record-setting rally in domestic shares this month.

At 9.09am, the domestic currency was trading at 60.52 per dollar, up 0.43% from its previous close of 60.78, and its strongest level since 12 August.

The dollar nursed losses early on Tuesday, having come under pressure late in New York as investors bought the euro and drove the Australian dollar to its highest this year.

So far this year, the rupee has gained 2.11% against the dollar, while foreign institutional investors have pumped in $2.6 billion in the local equity markets.

Yield on the 10-year benchmark bond was trading flat at 8.78%. Bond yields and prices move in opposite directions.

 

PRATIMA KUMARI 

PGDM 2ND SEM