Rupee recovers 21 paise versus dollar
The rupee, on Tuesday, recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities. The Indian unit opened strong at 69.49 and rose to the day’s high of 69.34 at the interbank forex market. During the day, the local unit touched an intra-day low of 69.65 against the US dollar. The domestic currency finally settled at 69.44, higher by 21 paise from the previous close. On Monday, the rupee had settled at 69.65 to the US dollar. Forex dealers said heavy buying in domestic equities propped up the rupee. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 96.78. Meanwhile, 10-year government bond yield was at 7.04 per cent on Tuesday. A former Goldman Sachs Group banker was sentenced to three months in prison for using a secret account to reap thousands of dollarsby trading on inside information about company clients. Woojae ‘Steve’ Jung, 38, a South Korean citizen from San Francisco, who once worked as a vice-president at Goldman Sachs, pleaded guilty in December to helping a friend trade by pointing him to stocks he had illicit tips on. Prosecutors allege Jung made more than $130,000 in illegal profits by trading through the alias brokerage account tied to the friend in South Korea. “Woojae Jung used non-public information to net nearly $130,000 in illegal gains,” said Manhattan US Attorney Geoffrey Berman.