Sensex hits a new high of 10 points, reaching a 30-month high against the dollar. The value of rupee vs dollar has reached Rs. 63.32 continuing the upwards graph in 2018. The domestic equity market also contributed to the hike in the value of rupee. Along with it, Sensex and Nifty also reached record highs.
A few things to know about rupee today are:
- The dollar has reached a 3-month low against a group of dominant currencies in the market. The dollar index was at 91.877, where dollar index is the measure of the value of the US dollar in relation to the other currencies present.
- The yields of the long-term bonds of the US are running low despite the hike in Fed’s rate, which is effectively contributing to the low profile of the dollar. The 10-year-old US treasuries output is standing at 2.460%, which was consistently maintaining a high outcome of 2.504% for the past 7 months.
- The rupee was also boosted by the recent economic data. The activities of the Indian factories accelerated in a huge way that enabled the firms to raise the prices.
- Some of the analysts believe that the value of rupee will hike further this year and might reach a high of Rs. 63.00 against the dollar, which was also supported by forex advisory firm IFA Global.
- Most of the Asian markets were high today hiked by strong US jobs data, which indicated to firming global economic growth.
- The Sensex rose above 200 points with 34,188 points and Nifty reached 10,566.
- The analysts will be closely monitoring the government’s advance estimates of the present year’s GDP growth.
- As per the US National Employment Report, the US private employers added 250,000 jobs in December, which is the biggest monthly hike since March of 190,000, which is well above the expectation of many economists.