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BW Businessworld

Rupee At Over One-Month High After Fed Meeting

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The rupee and bonds surged to more than one-month highs on Thursday morning (19 Sep) as the US Fed refrained from withdrawing monetary stimulus as had been widely expected by global markets.
 
Emerging Asian currencies rallied with most Southeast Asian units up around 2 per cent after the US Federal Reserve surprised investors by postponing the start of reductions to its stimulus programme.
 
The partially convertible rupee was at 61.88/89 per dollar by 0908 India time (0338 GMT) compared to its close of 63.38/39 on Wednesday, 18 September. The unit rose as high as 61.65, its strongest since August 16.
 
The benchmark 10-year bond yield trading at 8.18 per cent, after dropping to 8.14 per cent, its lowest since 8 August.
 
India's 1-year OIS rate trading down 32 bps at 8.80 per cent while the benchmark 5-year OIS down 28 bps at 8.02 per cent, dealers said.
 
(Reuters)