Rupee on Dream Run: Closes 15 Paise Up Against Dollar to End at Two-Week’s Best
The Rupee is on a dream run since last 11 days, and on Friday, it closed on its highest level.
Consolidating on its strong standing against the US Dollar, the Indian Rupee filed an increase of 15 paise against the US currency on Friday. The Rupee closed the proceedings at 44.35/36 against fresh dollar selling by various exporters and banks among a gathering in the equity markets.
Experts held an opinion that the position of dollar was squeezed by the exporters themselves, as they were anticipating a slump in dollar value due to prevailing dominance of Euro.
In addition, the release of a second bail-out package for Greece by IMF and leaders of the Eurozone has also inspired the banks and exporters to reduce their solar status.
The European leaders are scheduled to meet in Greece at a summit tomorrow; the meeting will be focused on finding out a measure to tackle the debt problem.
Meanwhile, benchmark bond yields increased on Friday, as the draft rescue package for Greece assured and encouraged investors to catch riskier resources, while elevated crude oil prices also ruptured emotions for a safe and affordable government debt.
The standard 10-year bond yield ended at 8.31% after trading in a span of 8.30-8.33% throughout the day.