The Indian rupee was little changed against the dollar, as likely greenback buys from some state-run and private lenders for the central bank offset gains from foreign banks’ dollar sales.
The rupee ended at 69.4250 to a dollar, against 69.4050 at previous close. It opened at 69.37 and rose to the day’s high of 69.29 before trimming some gains on dollar purchases by at least one private bank and two state-run banks in smaller quantum, likely on the instructions of the Reserve Bank of India.
Traders today eyed flows from Bharti Airtel’s 250 billion rupees ($3.60 billion) rights issue continued for subscription today. The issue will close on May 17.
Meanwhile, India's central bank will probably conduct at least one more swap of rupees for dollars after the general election, said three officials with direct knowledge of the plan, part of an effort to support economic growth.
The Reserve Bank of India also plans to conduct open market operations of up to 500 billion rupees over the next two months, one of the officials said, expanding a quantitative easing programme to spur the slowing economy.
The Chinese commerce ministry today said Vice Premier Liu He will visit U.S. on May 9 and May 10 for bilateral trade talks at the invitation of senior U.S. officials.
29 May 2020 04:26 PM
Indian shares rose for the third straight session on Friday and finished the week sharply higher ahead of the release of domestic GDP data, thanks to a broad-based rally driven by institutional buyers.
29 May 2020 03:18 PM
The euro extended its gains on Friday to a two-month high as traders waited for U.S. President Donald Trump's response to China's tightening control over Hong Kong
29 May 2020 02:58 PM
The pound fell to a two-month low against the euro on Friday as Brexit talks and speculation about negative interest rates in Britain continue to weigh on sterling
29 May 2020 02:36 PM
The Indian rupee fell against the dollar this month, as the Sino-U.S. diplomatic spat over Hong Kong worsened and as U.S. President Donald Trump voiced his displeasure over China's handling of the coronavirus crisis.
29 May 2020 11:45 AM
Indian shares paused on Friday after two days of strong gains, led by a pullback in banking stocks, ahead of the release of domestic GDP data, while heightened U.S.-China tensions further weakened sentiment.
29 May 2020 11:16 AM
The yuan eased against the dollar on Friday and looked set for its third monthly loss in four