rupee trading – Artifex.News https://artifexnews.net Stay Connected. Stay Informed. Fri, 16 Aug 2024 04:56:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://artifexnews.net/wp-content/uploads/2023/08/cropped-Artifex-Round-32x32.png rupee trading – Artifex.News https://artifexnews.net 32 32 Rupee turns flat at 83.94 against US dollar in early trade https://artifexnews.net/article68531472-ece/ Fri, 16 Aug 2024 04:56:57 +0000 https://artifexnews.net/article68531472-ece/ Read More “Rupee turns flat at 83.94 against US dollar in early trade” »

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The Indian rupee turned flat at 83.94 against the US dollar in early trade on Friday (August 16, 2024) amid concerns over elevated crude oil prices and the outflow of foreign capital from domestic equity markets.

However, a positive sentiment in the domestic as well as global equity markets and a weak American currency supported the rupee, forex traders said.

At the interbank foreign exchange, the rupee opened at 83.93 and slipped further to trade at its previous session’s closing level of 83.94 against the greenback.

On Wednesday (August 14, 2024) the rupee settled 3 paise higher at 83.94 against the US dollar. The forex markets were closed on Thursday on account of the Independence Day.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower by 0.01 per cent at 102.80.

Brent crude, the global oil benchmark, declined 0.25 per cent to USD 80.84 per barrel.

On the domestic equity market front, Sensex surged 811.34 points, or 1.03 per cent, to 79,917.22 points. The broader Nifty also climbed 246.20 points, or 1.02 per cent, to 24,389.95 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 2,595.27 crore, according to exchange data.

On the domestic macroeconomic front, wholesale inflation fell to a 3-month low of 2.04 per cent in July on the decline in prices of food items, especially vegetables, government data released on Wednesday showed.

The latest government data released on Wednesday showed India’s exports contracted 1.2 per cent to USD 33.98 billion in July, while the trade deficit widened to USD 23.5 billion.



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Rupee trades in narrow range against US dollar in early trade https://artifexnews.net/article67329171-ece/ Thu, 21 Sep 2023 04:39:54 +0000 https://artifexnews.net/article67329171-ece/ Read More “Rupee trades in narrow range against US dollar in early trade” »

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A forex dealer in Bombay looks at a graph of the Indian rupee.
| Photo Credit: Reuters

The rupee witnessed a range-bound trading against the US dollar in early trade on Thursday, September 21, 2023 weighed down by a negative trend in domestic equities and a strong American currency

Forex traders said the Indian rupee was weighed down by a rising dollar index, following hawkish comments from Federal Reserve officials.

At the interbank foreign exchange, the rupee opened at 83.16 against the dollar, registering a fall of 5 paise over its previous close. The domestic unit also touched 83.08 against the American currency in initial trade.

On Wednesday, the rupee staged a sharp rebound from its lifetime low levels and surged by 21 paise to close at 83.11 against the US dollar.

“After a hawkish FED, not ruling out one hike in 2023 due to sticky inflation and keeping interest rates fall in 2024 by a smaller than expected margin, the comments boded poorly for Asian markets given that it tightens monetary conditions and limits flow of foreign capital in the region,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

The FOMC also stressed that the long-term projections are inherently uncertain and subject to change as the financial atmosphere is highly dynamic and contains numerous potential risks that could influence future outcomes, Bhansali said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.21 per cent to 105.55.

Brent crude futures, the global oil benchmark, declined 0.66 per cent to USD 92.91 per barrel.

In the domestic equity market, the 30-share BSE Sensex declined 306.96 points or 0.46 per cent to 66,493.88. The broader NSE Nifty fell 82.95 points or 0.42 per cent to 19,818.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹3,110.69 crore, according to exchange data.



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