रुपया अमेरिकी डॉलर के मुकाबले 1 पैसे गिरकर 83.50 पर बंद हुआ।

रुपया अमेरिकी डॉलर के मुकाबले 1 पैसे गिरकर 83.50 पर बंद हुआ।

Rupee falls 1 paisa to close at 83.50 against US dollar.

The rupee closed nearly flat at 83.50 against the US dollar, despite pressure from high crude oil prices.

  • Business
  • 106
  • 04, Jul, 2024
Jyoti Ahlawat
Jyoti Ahlawat
  • @JyotiAhlawat

Rupee falls 1 paisa to close at 83.50 against US dollar.

The rupee trimmed its early losses and ended the day nearly flat at 83.50 (provisional) against the US dollar on Thursday, despite the pressure from high crude oil prices.

Forex traders attributed this performance to a positive trend in domestic equities, with benchmark indices reaching all-time high levels, and significant foreign fund inflows that supported the rupee and prevented a further decline.

In the interbank foreign exchange market, the local currency opened at 83.52, reached an intraday high of 83.48, and a low of 83.56 against the US dollar during the session. It finally settled at 83.50 (provisional), 1 paisa lower than its previous close. On Wednesday, the rupee also settled 1 paisa lower at 83.49 against the US dollar.

“We expect the rupee to trade with a slight positive bias due to the softness in the US dollar amid weak economic data and an increase in risk appetite in global markets,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. “However, high crude oil prices may limit the gains. Investors may remain cautious ahead of the US non-farm payrolls report tomorrow,” Choudhary added, noting that the USD-INR spot price is expected to range between Rs 83.20 and Rs 83.80.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.15 percent at 105.24. Brent crude futures, the global oil benchmark, were down 0.47 percent at USD 86.93 per barrel.

In the domestic equity market, the Sensex breached the historic 80,000-mark, and the Nifty reached a new lifetime high. The 30-share BSE Sensex ended the day up 62.87 points, or 0.08 percent, at an all-time high of 80,049.67 points. The broader NSE Nifty closed 15.65 points, or 0.06 percent, higher at a new peak of 24,302.15 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, purchasing shares worth Rs 5,483.63 crore, according to exchange data.

Additionally, an official from S&P Global Ratings mentioned that a sovereign rating upgrade for India within the next 24 months is possible if the central government can prudently manage its finances and reduce the fiscal deficit to 4 percent of GDP.

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Jyoti Ahlawat

Jyoti Ahlawat

  • @JyotiAhlawat