Live: Sensex, Nifty Up Over 1%; Rupee Snaps Four-Day Gaining Streak
The rupee ended little changed but with a negative bias in today's session, snapping a four-day gaining streak.
The currency ended at 75.59 against the U.S. Dollar as compared to Tuesday's close of 75.51.
Today's losses meant the rupee was the third worst performing currency in Asia, behind the Thai Baht and the Indonesian Rupiah.
Commerzbank FX strategist Charlie Ray wrote in a note that despite several downside pressures, the rupee will should end the year at 76 against the greenback.
The central bank has room to cut benchmark repo rates by a further 50 basis points by the year-end on moderating inflation, Ray's note stated.
Yield on the 10-year government bond cooled off further ahead of the Reserve Bank's Open Market Operations on Thursday. The yield ended at 5.829% as compared to Tuesday's close of 5.904%.
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