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Rupee surges to end at 79.46 vs dollar as MSCI rebalancing spurs inflows

Bond yields fall as HDFC's Rs 10,000 crore debt sale plan propels custodian flows

Photo: Bloomberg
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Photo: Bloomberg

Bhaskar Dutta Mumbai
The rupee notched up hefty gains versus the dollar on Tuesday as the MSCI’s quarterly index rebalancing resulted in a gush of inflows into Indian markets, dealers said.

The aggressive defence of the rupee by the Reserve Bank of India in the face of dollar strength on Monday also bolstered the currency on Tuesday, as those betting against it rushed to square off those bets, dealers said.

Government bonds also strengthened sharply as some banks involved in executing HDFC Ltd’s planned debt sale worth a total of Rs 10,000 crore managed their exposure by purchasing sovereign debt, dealers said.

The

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First Published: Aug 30 2022 | 7:11 PM IST

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