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FIIs pumps in over Rs 23,000 cr in March, rupee gains 2%
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IANS | 20 Mar, 2019
Foreign Institutional Investors (FIIs) have pumped in Rs 23,000 crore
this month so far, aiding the rupee to gain over 2 per cent against the
US dollar over upbeat investor sentiments.
The healthy inflow of foreign funds during March 2019 comes second just to the inflow of Rs 26,473.17 crore seen in March 2017.
Institutional
investment from abroad is especially significant as it is not only
fruitful for currency but also for the equities.
Experts have
said that foreign investors have turned bullish on the Indian markets
owing to the expectation that a stable government will be iin place
after the general election.
Riding on the same, the equities have logged strong gains, inching close to fresh highs.
Among
other reasons giving a boost to the investor sentiments are the crude
oil prices which have been stable, hence inflation is expected to remain
benign.
Rushabh Maru Research Analyst Anand Rathi said the rupee
continues to remain on appreciating mode due to FIIs' inflow in the
debt and equity market.
"On the other hand, the Federal Reserve's
patient approach to raise interest rates have improved sentiments. On
the other hand, the market is expecting the NDA government to return to
power after the election. Hence all these factors are supporting the
rupee," said Rathi.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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