Business

Rupee Edges Up 1 Paisa At 83.32 Against US Dollar

The rupee inched up 1 paisa to close at 83.32 (provisional) against the US dollar on Thursday as the support from positive domestic equities was negated by continued selling pressure from foreign funds.

Forex traders said foreign capital outflows also weighed on the rupee. However, a soft US dollar against key rivals overseas supported the domestic currency.

At the interbank foreign exchange market, the local unit opened at 83.34 against the greenback. Moving in a tight range, the unit hit an intra-day high of 83.31 and a low of 83.40 against the greenback.

The local currency finally settled at 83.32 (provisional) against the dollar, 1 paisa higher from its previous close.

On Wednesday, the rupee consolidated in a narrow range and settled 2 paise lower at 83.33 against the US dollar.

“We expect the rupee to trade with a slightly negative bias on recovery in crude oil prices and mixed to weak Asian and European markets. However, a soft dollar amid easing geopolitical tensions in the Middle East may support the rupee at lower levels,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Choudhary further noted that traders may take cues from Advance GDP, weekly unemployment claims and pending home sales data from the US. Investors may remain cautious ahead of inflation data on Friday. USD/INR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70.

Brent crude futures, the global oil benchmark, rose 0.05 per cent to USD 88.06 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.60, fell by 0.24 per cent.

On the domestic equity market front, Sensex advanced 486.50 points, or 0.66 per cent, to settle at 74,339.44, and Nifty rose 167.95 points, or 0.75 per cent, to close at 22,570.35.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,511.74 crore, according to exchange data.

Also Read: ED Justifies Kejriwal’s Arrest in Liquor Scam, Cites Destruction of Over 170 Phones

Bharat Express English

Recent Posts

Kisan Credit Card Scheme A Lifeline For Indian Farmers: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday described the Kisan Credit Card (KCC) scheme as a…

1 hour ago

Trump Administration Shuts Down Controversial ‘Quiet Skies’ Surveillance Program

The Trump administration has officially shut down the ‘Quiet Skies’ passenger surveillance program, a covert…

2 hours ago

PM Modi Likely To Visit Bengal For Twin Programmes On June 20

Prime Minister Narendra Modi is likely to visit West Bengal later this month for two…

2 hours ago

Elon Musk Hints At Launching ‘The America Party’ As Political Rift With Trump Widens

Elon Musk has sparked speculation about founding a new political outfit named 'The America Party'…

2 hours ago

Trump Set to Sell His Tesla Car As Clash With Elon Musk Escalates

US President Trump is reportedly planning to sell his Tesla car, purchased in March to…

2 hours ago

Musk-Trump Fallout Threatens NASA And Pentagon Operations: Report

A recent fued between Elon Musk and former US President Donald Trump has raised serious…

3 hours ago