Ru­pee re­cov­ers 21 paise ver­sus dol­lar

The Hindu Business Line - - BANKING - PTI In­sider trad­ing: Ex-Gold­man banker jailed BLOOMBERG

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.

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