https://sputnikglobe.com/20220830/rupee-registers-biggest-daily-gain-as-foreign-investors-pump-6-billion-into-indian-equities-1100180515.html
Rupee Registers Biggest Daily Gain as Foreign Investors Pump $6 Billion Into Indian Equities
Rupee Registers Biggest Daily Gain as Foreign Investors Pump $6 Billion Into Indian Equities
Sputnik International
Asian currencies and equity markets registered a sharp fall on Monday after the US Fed chair made hawkish remarks indicating a firm stand against the... 30.08.2022, Sputnik International
2022-08-30T14:38+0000
2022-08-30T14:38+0000
2022-12-19T13:55+0000
rupee
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jerome powell
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india
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reserve bank of india
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The Indian rupee on Tuesday recovered 47 paise from the previous day's close of 79.92 against the US dollar as investors saw sharp foreign inflow in equities. This is the biggest single-day gain in a year.On Monday, the Indian rupee fell to 80.13 against the greenback following hawkish remarks by Fed chair Jerome Powell on rising commodity prices in the US.India's broader stock index Nifty appreciated by 2.7 percent after Monday's bloodbath as investors returned to buy shares at a cheaper valuation. The stock market data suggests that foreign investors have pumped about $6 billion in August, the highest since December 2020.Besides the Indian rupee, the Indonesian rupiah and the Philippines Peso are appreciated by 0.2 percent each. Malaysia's ringgit also recovered 0.2 percent from Monday's low. US Fed chair Jerome Powell rattled the global market on Monday when he warned of firm steps until inflation is fully tamed.
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Rishikesh Kumar
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rupee, peso, jerome powell, us federal reserve, equities, india, economy, reserve bank of india, stock market
rupee, peso, jerome powell, us federal reserve, equities, india, economy, reserve bank of india, stock market
Rupee Registers Biggest Daily Gain as Foreign Investors Pump $6 Billion Into Indian Equities
14:38 GMT 30.08.2022 (Updated: 13:55 GMT 19.12.2022) Asian currencies and equity markets registered a sharp fall on Monday after the US Fed chair made hawkish remarks indicating a firm stand against the four-decade-high inflation.
The Indian rupee on Tuesday recovered 47 paise from the previous day's close of 79.92 against the US dollar as investors saw sharp foreign inflow in equities. This is the biggest single-day gain in a year.
On Monday, the Indian rupee
fell to 80.13 against the greenback following hawkish remarks by Fed chair Jerome Powell on rising commodity prices in the US.
India's broader stock index Nifty appreciated by 2.7 percent after Monday's bloodbath as investors returned to buy shares at a cheaper valuation. The stock market data suggests that foreign investors have pumped about $6 billion in August, the highest since December 2020.
"Indian rupee outperformed among the regional currencies following month-end rebalancing inflows and recovery in risk assets on the expectation of inflows. Most of the Asian currencies firmed after a sharp drop on Monday," Dilip Parmar, Research Analyst at HDFC Securities, said.
Besides the Indian rupee, the Indonesian rupiah and the Philippines Peso are appreciated by 0.2 percent each.
Malaysia's ringgit also recovered 0.2 percent from Monday's low. US Fed chair Jerome Powell rattled the global market on Monday when he warned of firm steps until inflation is fully tamed.
