USD/INR Closed 68.92 against its opening at 69.21.USD/INR ends at 1 weel low in inflow realted tp the Arcelomittal Essae deal. USD/INR fell below Rs 69/$1 during late morning trades Thursday on selling by foreign banks amid overseas inflows related to ArcelorMittal-Essar deal. Foreign banks were selling dollar on likely overseas inflows into the local stocks and inflows related to ArcelorMittal-Essar deal is supporting the rupee.
Indian rupee bulls dig in as investors grapple with elections across Asia.Foreign investors have plowed billions of dollars into India ahead of an election process spread over seven phases and ending only toward the end of next month with nearly 900 million people eligible to vote. The process begins on Thursday.
Crude oil prices continued to trade above $71/bbl as the concern of the war in Libya, supply cut by OPEC members and US sanction on Iran and Venezuela are supporting the prices. Brent futures for June delivery traded at $71.55 a barrel on Thursday.
The dollar index, movement in the greenback against a basket of six major currencies, traded at 97.03 late Thursday compared to 96.91 at close of Indian market on Wednesday.
The greenback remained little changed after Federal Open Market Committee (FOMC) last meeting minutes released Wednesday indicated that majority members are of the view that there could be a possibility of interest rate increases before the end of the year, should economic conditions improve.In the latest policy meeting, Federal Reserve decided to maintain the interest rates steady and hold off any further hikes this year.
Sensex provisionally ends 54 points higher with 18 components in the green.