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Indian rupee has edged higher against the US dollar amid broad weakness in the US currency and higher domestic markets.
The rupee today opened at 75.69 per dollar and moved to 75.64 at day’s high as compared to previous close of 75.96. Indian forex and stock markets were closed on Monday due to a public holiday. The Sensex was up about 300 points in latest trade.
Foreign portfolio investors offloaded equities worth Rs 1,353.90 crore in the capital market on Friday, provisional exchange data showed. Domestic investors were enthused by positive cues from global markets as lockdown restrictions eased world over, traders said.
‘This truncated week is likely to be a week where USD-INR price action is driven by flows. Bharti Telecom, parent company of Bharti Airtel is expected to offload a 2.75 per cent stake worth $1 billion via a block deal and we could see inflows to fund the purchase over the next couple of days. A net inflow of $250 million is also expected on account of MSCI semi annual index rebalancing which will take effect from 1st June onwards,’ said Abhishek Goenka, Founder and CEO, IFA Global.
