Rupee Gains after Govt Cancels Bond Auction
February 6, 2014 5:14 PM EST
The rupee rises to 62.41/42 versus its previous close of 62.57/58.
Gains in the rupee come after the RBI said late on Wednesday that the government had cancelled its previously deferred bond sale of 150 billion rupees.
A customer hands a bundle of rupees to a teller at a financial institution in Mumbai July 2, 2013.
The cancellation shows the government is confident of meeting its fiscal deficit target of 4.8 percent of GDP for 2013/14, traders say.
The rupee could strengthen further in the near-term to around 61.80 to a dollar, trader says, as the government's cash position is set to improve further due to gains from the ongoing mobile spectrum auction.
Globally, the dollar struggles against Asian currencies ahead of key event risks, namely the ECB's policy decision due later on Thursday and U.S. jobs data on Friday.
Join the Conversation
- Travel Alert: New Delta Air Lines Airbuses Could Be Seen In Australia Soon
- Walmart Canada Feeling The Heat As Grocery War Intensifies
- Travel Alert: Frequent Flyer Tie-Up Between Virgin Australia, South African Airways Enhanced
- Product Recall: Graco Recalls Baby Strollers in Canada, U.S. Due To Amputation Risks
- Travel Alert: Malaysia’s AirAsia Cuts Number Of Australian Flights
- US Plane Flying Over Russian Skies Spotted; Vladimir Putin Ready For 'Practical Cooperation' With US
- Black Friday 2014 Sale: Top Deals On Game Consoles Xbox One, PS4, Nintendo Wii U And More
- Alleged 'Microsoft Lumia 1030' Front Panel Leaked With Capacitive Buttons; 'Xbox One' Owners To Get Free Goodies On Anniversary
- More Bad News for Android 5.0 Lollipop As Problems Come In for Nexus and Other Devices
- Cold War 2: Russia, China And North Korea’s Blacklisted Company Fortify Alliance -- Reports
- Black Friday 2014 Sale: Top 9 TV Deals Starting From $99 To $899