Indian Rupee: Moves Higher

The Indian rupee commenced flat on Monday, March 24, 2014 on selling of the American currency by banks and exporters and sustained foreign capital inflows. Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas also supported the local currency.

The domestic currency opened unchanged at Rs 60.92 against the US dollar on Monday, March 24, 2014 and climbed further to a high of 60.65 so far during the day. In the spot currency market, the Indian unit was last seen trading at 60.70, up 22 paise or 0.36 as compared to previous close at 60.92.

Rupee rose the most in two weeks on Friday to gain 0.5 percent for the week on the back of strong foreign flows into domestic markets even as other emerging Asian currencies buckled over concerns about U.S. interest rates and China's weakening yuan.

Domestic benchmark indices extended initial gains in morning trade on firm Asian stocks Asian stocks edged higher on Monday, 24 March 2014, shrugging off weak Chinese economic data. At the time of writing, the S&P BSE Sensex was up 267.88 points or 1.23% to 22,023.20 while the CNX Nifty was up 77.55 points or 1.19% to 6,572.45.

In the global currency market, major currencies got off to a lacklustre start on Monday following a relatively uneventful weekend with the dollar holding onto most of last week's solid gains at 80.130. The U.S. dollar edged lower against the Japanese yen and euro on Friday last, but notched a weekly gain as traders continued to focus on a Federal Reserve meeting that left markets anticipating earlier policy rate hikes than initially expected. 

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