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The rupee rose on Thursday, snapping two sessions of losses, on hopes of renewed foreign fund inflows on the back of a buoyant stock market, which gained for a fourth straight session. Foreign funds have poured in over $500 million in equities in the last four sessions, according to latest data from the capital market regulator. The partially convertible rupee closed at 54.21/22 a dollar, stronger than its close of 54.38/39 on Tuesday. Financial markets were closed on Wednesday for a holiday.
Bonds snap seven-day rally
Indian benchmark bonds retreated from a 33-month high on Thursday, snapping a seven-day rally, tracking a rebound in global commodity prices.
Investors booked profits after yields dropped 17 basis points (bps) in the last seven sessions, supported by the cooling commodity prices and hopes of a rate cut by the central bank on May 3. The 10-year yield ended up four bps at 7.77 per cent, from a 33-month low of 7.73 per cent at Tuesday's close.
Call rates end lower
The overnight call money rate finished lower at 7.65 per cent from 7.75 per cent earlier. It moved in a range of 7.65 per cent to 7.30 per cent.
