Indian rupee stronger tracking gains in Asian peers, domestic equities
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The Indian rupee on Thursday strengthened marginally against the US dollar tracking gains in domestic equities and Asian currencies amid optimism that the US and China may reach a partial trade deal.
The rupee traded at 70.99 a dollar in early deals, up 0.11% from Wednesday's close of 71.07. The Indian unit opened at 70.96 a dollar today.
In pre-opening today, the benchmark Sensex was up 0.19% or 70.79 points at 38248.74. So far this year, it has gained 5%.
The yield on the 10-year Indian government bond was at 6.45% compared with its previous close of 6.453%.
In the year so far, the rupee has weakened 1.72%, while foreign investors have bought nearly $7.61 billion in Indian equities and $4.04 billion in debt.
Other Asian currencies traded higher, with the Taiwan dollar up 0.31%. China Offshore gained 0.30%, China renminbi 0.28%, South Korean won 0.22%, Thai Baht 0.17%, Philippines peso 0.15%, Singapore dollar 0.15%, Indonesian rupiah 0.13%, Malaysian ringgit 0.08%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.992, down 0.13% from its previous close of 99.118.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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