Rupee extends rally, gains 40 paise against US Dollar

Rising for the sixth day, the Indian rupee opened higher by 20 paise at 71.47/$ on Tuesday. The local unit got support after the outcome from a central bank board meeting late Monday removed uncertainty over a growing rift over policy decisions between the government and the Reserve Bank of India.

 

The rupee gained its highest since September 4, while the benchmark 10-year bond yield fell to 7.76% from Monday's close of 7.79%.

 

Meanwhile, the rupee is trading higher by 40 paise at 71.37/$.

 

On Monday, the local currency closed at 71.65 against the dollar on Monday.

 

RBI's reference rate for the dollar, meanwhile, stood at Rs71.80, while for the euro it was at Rs81.46. Further, its reference rate for the yen stood at Rs63.37, while that for the British pound sterling it was at Rs91.92.

 

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