Rupee closes at 67.22 a dollar marking longest winning streak since June 2011

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Rupee opens at 67.21 and closes at 67.22 a dollar. source: yourstory.com

The rupee opened at 67.21 a dollar and closed at 67.22 a dollar.  The closing figure marked a rise by 0.15% which marked the longest streak since the ninth session long rally in June 2011. The Indian rupee marked the longest winning streak in over five and a half years which was resulted from the continuos buying from foreign investors in both the local equity and the debt market. The rupee touched a low of 67.17 a dollar in November 2016. This might be due to demonetization effect. But things started looking up again as it closed at 67.22 a dollar. The Reserve Bank of India has scheduled a meeting on Wednesday and will discuss on the repo rate of the banks. Out of the ten bank economists that is polled by mint, Seven believes that the Reserve Bank of India will raise the repo rate by 25 basis points to 6%. Three out of the ten believe that the repo rate will remain the same. The business traders are braced up for the new change in the repo rate.

Other data will also be revealed, like the Industrial Production Index which will be revealed by the government on Friday. Bloomberg analyst poll has predicted that the IIP will be at 1.4% in December in comparison to 5.7% a month ago. The Sensex has also risen this year by 6.8% and closed at 28,439.28. It rose by 0.7% or 198.76 points. Other countries have also gone up in their currency against the dollar-South Korean won went up by 0.86%, Philippines peso went up by 0.51%, Taiwan dollar 0.5%, Indonesian rupiah 0.17%, Japanese yen 0.15%, China renminbi 0.07%. China did not fall in the list and the currency went down by 0.08% as against the dollar.