Indian rupee traded flat at 74.17 compared to 74.20 in the previous session, as persistent dollar purchases by state-run banks, speculated to be on behalf of the Reserve Bank of India, offset the impact of positive regional cues. Rupee had risen to 73.84 during the early session, the highest since Oct. 28.
Risk appetite in the region firmed up, while the dollar index was hovering near 10-week lows on hopes that US President-elect Joe Biden's policies will ultimately favour global trade ties and more monetary stimulus in the U.S.
Biden defeated Donald Trump by passing the threshold of 270 electoral college votes after being declared the winner in Pennsylvania on Saturday. However, despite Biden’s win, Republicans appear to have retained control of the Senate for now. A narrowly-divided Senate, regardless of who is in control, means that whoever is president will need cross-party co-operation in many cases, like passing a fiscal stimulus or raising corporate taxes, to move any significant legislative priorities forward.
Benchmark BSE Sensex ended 1.7% higher at 42,597, after hitting an all-time high earlier in the session. Foreign investors have been buying more than $1.70 billion of Indian equities so far this month.
The one-year forward premium was at 3.00 rupees against 2.97 rupees in the previous session.
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