Market Updates: Rupee Rises Against US Dollar

Market Updates: The domestic unit opened at Rs 82.34 against the dollar at the interbank foreign exchange, then gained further ground to touch Rs 82.28.

The rupee appreciated 19 paisa to Rs 82.28 against the US dollar in early trade on Thursday in line with its Asian peers and a slide in crude oil prices. Sensex and Nifty traded lower in early deals today, taking cues from the global markets.

“Dollar has weakened across the board. DXY has dropped to 105.30 from highs around 105.89 seen on Thursday. Asian currencies are trading stronger against the Dollar,” IFA Global Research Academy said in a research note.

Forex traders said muted domestic equities and foreign fund outflows weighed on the local unit and restricted the appreciation bias.

Benchmark equity indices Sensex and Nifty traded almost flat in morning trade today as gains from crude oil prices. The banking stocks were offset by losses in IT and FMCG shares amid assembly poll results in Himachal Pradesh and Gujarat.

The 30-share BSE Sensex was trading 0.06 per cent higher at Rs 62,448.10 on Thursday. The broader NSE Nifty rose 0.07 per cent to Rs 18,572.95 at 11.06 am.

The broader Nifty of the National Stock Exchange was marginally up 8.60 points or 0.05 per cent at Rs 18,569.10 as 28 of its constituents advanced, 21 declined and 1 remained unchanged.

Also read: Crude Oil: Petrol & Diesel Prices In India Drops?

Asia Market Overview

Asian stocks mostly declined in early deals as Japan’s Nikkei fell 0.74 per cent, South Korea’s Kospi moved 0.77 per cent lower and China’s Shanghai Composite slipped 0.16 per cent. Hong Kong’s Hang Seng index, however, rose 1.45 per cent. Overnight, Wall Street edged lower. Back home, foreign institutional investors sold net of Rs 1,241.87 crore equities on Wednesday, while domestic investors purchased Rs 388.85 crore worth of shares, as per provisional NSE data.

SGX Nifty indicated a slightly lower opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 12 points or 0.06 per cent to trade at Rs 18,660.