Rupee marks biggest gain in one year on strong foreign inflows
- IBEF
- August 31, 2022
The Indian rupee gained the most in a year versus a shaky dollar as foreign investors flocked to domestic markets. The partially convertible rupee rose 0.6% to 79.45, its highest level since August 27, 2021. The currency fell to a record low of 80.12 on August 29, 2022, before closing at 79.9625.
The Nifty 50 stock index in India rose 2.7% as investors returned to buy the dips following a recent selloff. Foreign investor inflows into local shares were over US$ 6 billion in August, the biggest since December 2020. August was also the first month this year in which foreign investors were net buyers of Indian government debt. The 10-year bond yield fell 6 basis points on the day to 7.1893%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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