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Mumbai: The rupee fell sharply by 15 paise against the US dollar to 83.44 in early trade on Wednesday amid muted trends in the domestic equity markets. However, a decline in the dollar index and a marginal fall in the Brent crude index prevented further losses in the domestic unit, according to experts. At the interbank foreign exchange, the local unit opened at 84.38 -- down 9 paise from its previous close -- and then slid further to 84.44, registering a decline of 15 paise from its previous close. On Tuesday, the rupee pared its intra-day losses to settle flat at 84.29 against the US dollar. "The <keyword id="24182640" type="General" weightage="20" keywordseo="Indian-banking-liquidity" source="keywords">Indian banking liquidity</keyword> fell into deficit as industry players paid Rs 1.6-1.8 lakh crore as GST payment. This was after two months that liquidity has fallen into a deficit as the RBI also intervened into forex markets to defend the rupee weighing on liquidity conditions," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. "The rupee may be in the broad range of 84.00 to 84.50 in the near term as markets await a slew of data from the US this evening," Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.15 per cent to 106.84. Brent crude, the global oil benchmark, was marginally down 0.10 per cent to USD 72.74 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex was trading 46.69 points lower, or 0.06 per cent, at 79,957.57 points. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net buyers in the capital markets on Tuesday, purchasing shares worth Rs 1,157.70 crore, according to exchange data.

Rupee falls 15 paise to 83.44 against US dollar in early trade

Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the <keyword id="21663515" type="General" weightage="20" keywordseo="MSCI-equity-index" source="keywords">MSCI equity index</keyword> rebalancing significantly boosted sentiment for Indian equity markets as <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee. Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. "While Donald Trump's aggressive trade policies loom large, the rupee's outlook remains cautiously optimistic. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s projection of a GDP growth rebound to 7.6 per cent in Q3 has infused fresh confidence in India's economic trajectory. Additionally, a surge in capital inflows is likely to provide robust support," CR Forex Advisors MD Amit Pabari said. Pabari further said that the RBI's vigilant stance will be critical in managing volatility, with interventions likely at key levels to maintain stability. "Given the factors, the USDINR pair appears to face resistance around the 84.50 level, with expectations of trading within a range of 83.80 to 84.50, leaning toward a downside bias," he said. On the global front, US Treasury Secretary nominee Scott Bessent's fiscal deficit reduction agenda capped US Treasury yields, Pabari said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.28 per cent at 107.11. Brent crude, the global oil benchmark, rose by 0.33 per cent to USD 73.25 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex jumped 167.76 points or 0.21 per cent to 80,277.61 points in early trade, while Nifty jumped 55.80 points or 0.23 per cent to 24,277.70 points. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Monday, purchasing shares worth Rs 9,947.55 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank">OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more</a><a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a><a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Rupee rises 7 paise to 84.22 against US dollar in early trade

In early Wednesday trading, the Indian rupee slid 14 paise to hit an all-time low of 84.23 per US dollar, weighed down by continued outflows of foreign funds and a robust US dollar in global markets. Forex analysts highlighted the volatility stemming from the ongoing US elections, suggesting that stability could return once results are clear in this close race. The US Federal Reserve is also on the radar, with an anticipated interest rate cut this week and a projected easing of up to 100 basis points by 2025. At the interbank forex market, the rupee opened at its historic low of 84.23 against the dollar, down from its previous close of 84.09. On Tuesday, the currency had ended slightly stronger, gaining 2 paise. Meanwhile, the dollar index, which tracks the strength of the US dollar against six major currencies, climbed 1.64% to 105.11. According to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, the index rose following initial election results showing former President Trump ahead, with the Republican party also leading in both the Senate and the House of Representatives. The global oil market saw movement as Brent crude prices dipped 0.98%, trading at USD 74.79 per barrel. Bhansali noted that the rupee’s trajectory will heavily depend on the Reserve Bank of India’s (RBI) response, particularly as the currency fluctuates with real-time election outcomes. He estimated an intra-day trading range between 84.00 and 84.35. On the domestic front, Indian stock markets showed positive trends. The Sensex climbed by 390.93 points (0.49%) to reach 79,867.56, while the Nifty rose by 135.60 points (0.56%) to 24,348.90. Despite these gains, foreign institutional investors (FIIs) were net sellers on Tuesday, pulling out Rs 2,569.41 crore from the capital markets, as per stock exchange data. This withdrawal underscores the challenges facing the Indian currency amid global financial uncertainties. (with PTI inputs)

Rupee hits record low of 84.23 against US dollar amidst US elections 2024

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> recovered from its all-time low level and witnessed a range-bound trade against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early hours on Thursday, as investors remained cautious ahead of the US Fed meeting outcome later this week. Forex traders said RBI interventions will keep the <keyword id="23844589" type="General" weightage="20" keywordseo="USD/INR-pair" source="keywords">USD/INR pair</keyword> between 83.80 and 84.35. Moreover, the US Federal Reserve monetary policy and officials' comments will be in focus to derive further momentum. At the interbank foreign exchange, the rupee opened at 84.26 against the greenback, registering a rise of 5 paise over its previous close. On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar. "The <keyword id="20045514" type="General" weightage="20" keywordseo="Indian-rupee" source="keywords">Indian rupee</keyword> fell to its lowest (level) on Wednesday and is expected to continue with its fall as the Reserve Bank of India (RBI) allows a weaker rupee with FPIs (<keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">foreign portfolio investors</keyword>) continuing their selling mode in equities," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. RBI protected the rupee for some time but left the protection as pressure on buying dollars was immense after a rise in the dollar index and an increase in US yields, Bhansali added. Forex traders said the rupee was trading in a narrow range as persistent foreign fund outflows, a muted trend in domestic equities and the strength of the American currency in the overseas market, dented investor sentiments. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.10 per cent lower at 104.98. Brent crude, the global oil benchmark, rose 0.79 per cent to USD 75.51 per barrel in futures trade. On the domestic equity market front, Sensex declined 429.83 points, or 0.53 per cent, to 79,948.30 points. The Nifty fell 143.25 points, or 0.59 per cent, to 24,340.80 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 4,445.59 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a><a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank">Swiggy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms" target="_blank"></a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Rupee rises 5 paise to 84.26 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> traded flat at 83.53 against the US currency in early trade on Friday amid firm <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> and gains in domestic stocks. At the interbank <keyword id="21316589" type="General" weightage="20" keywordseo="foreign-exchange-market" source="keywords">foreign exchange market</keyword>, the rupee opened flat at 83.53 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword>. The local unit moved in a tight range of 83.50 to 83.54 in morning deals. The rupee was trading flat at 83.53 against the US dollar at 0935 hrs. Forex dealers said the impact of firm crude oil prices was offset by overnight losses in the US dollar index and early gains in the domestic equity markets. The US dollar index eased on Thursday after softer US inflation data raised hopes of rate cut by the US Fed by September. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 104.49. Brent crude futures, the global oil benchmark, were trading 0.20 per cent higher at USD 85.60 per barrel. Domestic equity markets were trading higher in early session on Friday. Benchmark Sensex climbed 226.11 points to 80,123.45 while broader Nifty was up 82.1 points to 24,398.05. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,137.01 crore, according to exchange data.

Rupee trades flat at 83.53 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> stayed on the upward track for the second straight session and appreciated 6 paise to 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Wednesday, boosted by sustained inflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword> and firm <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword>. The local unit, however, faced resistance due to a stronger American currency and higher <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> overseas, <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">forex</keyword> traders said. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened strong at 83.39 and gained further to 83.34 against the greenback in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close. On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.90. Analysts said the dollar index fell initially as the US data showed the growth in retail sales was lower than expected, though the currency recovered with May industrial output numbers topping the forecast. Officials of the US Federal Reserve indicated a hawkish stance to continue, dousing hopes of an interest rate cut until December. "The dollar eased against the euro on Tuesday after US retail sales data showed slower growth, suggesting potential Federal Reserve rate cuts later this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, rose 0.02 per cent to USD 85.35 per barrel. In the domestic equity markets, the 30-share BSE Sensex rose 199.63 points, or 0.26 per cent, to 77,500.77 points. The broader NSE Nifty climbed 25.55 points, or 0.11 per cent, to 23,583.45 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 2,569.40 crore, according to exchange data. Analysts attributed the strong FII buying to the firm domestic macroeconomic outlook and a sharp fall in the US treasury yield. The government data showed the net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal on higher advance tax payments by corporates, reflecting robust economic activity. Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment.

Rupee moves upward for second straight session, rises 6 paise to 83.37 against US dollar in early trade

<keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>: Rupee traded in a narrow range in morning trade on Thursday, as the support from positive <keyword id="20024980" type="General" weightage="20" keywordseo="domestic-equities" source="keywords">domestic equities</keyword> was negated by relentless <keyword id="20024981" type="General" weightage="20" keywordseo="dollar-demand" source="keywords">dollar demand</keyword> from importers. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened at 83.93 and fell to 83.95, registering a loss of 5 paise from its previous close. On Wednesday, the Indian rupee fell 13 paise to 83.90 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword>. "The rupee's ongoing decline has been fuelled by a growing trade deficit and relentless dollar demand from importers, placing it under significant pressure," CR Forex Advisors MD Amit Pabari said. Pabari further noted that "the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is expected to step in to prevent the rupee from breaching the critical 84.00 threshold. The market anticipates that the central bank might sell USD to maintain stability. Additionally, the recent dip in crude oil prices to around USD 75.48 per barrel could offer the rupee some much-needed relief." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.17 per cent to 101.21 points. Brent crude, the global oil benchmark, was 0.01 per cent up at USD 76.06 per barrel in futures trade, Meanwhile, the Federal Reserve's recent meeting minutes revealed that most officials are inclined towards a rate cut in September, provided inflation continues to cool. This has increased the likelihood of a Fed rate cut, putting downward pressure on the US dollar and offering some support to the rupee. Now, all eyes will turn to the Jackson Hole symposium, where Fed Chair Jerome Powell's remarks could set the tone for global currency markets, Pabari said. In the domestic equity market, the 30-share BSE Sensex gained 166.66 points, or 0.21 per cent, to 81,071.96 points, while the Nifty increased by 55.10 points, or 0.22 per cent, to 24,825.30 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 799.74 crore, according to exchange data.

Rupee trades in narrow range against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> pared its initial gains and settled for the day lower by 4 paise at 83.14 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, mirroring the benchmark indices that erased their gains and ended the day off their record-high levels. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said the rupee settled in a narrow range as the weakness of the American currency in the overseas market supported the rupee, while elevated <keyword id="19942492" type="General" weightage="20" keywordseo="crude-oil" source="keywords">crude oil</keyword> prices in the international market restricted the upmove. At the interbank foreign exchange, the local unit opened at 83.08, then touched an intra-day high of 83.05 but soon pared the gains and settled for the day lower by 4 paise at 83.14 (provisional) against the American currency. On Friday, the rupee rallied for the fourth consecutive trading session and settled with a sharp gain of 19 paise at 83.10 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.67, lower by 0.05 per cent. Brent crude futures, the global oil benchmark, advanced 0.47 per cent to USD 82.51 per barrel. "We expect the rupee to trade with a positive bias on positive domestic equities and expectations of fresh foreign inflows. However, a strong US dollar and a recovery in crude oil prices may cap sharp upside," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas said. US markets will remain closed on Monday on Memorial Day holiday. Investors may remain cautious ahead of core PCE price index data later this week. USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.30, Choudhary added. On the domestic macroeconomic front, India's forex reserves jumped USD 4.549 billion to a new all-time high of USD 648.7 billion for the week ended May 17, the Reserve Bank said on Friday. This is the third consecutive week of increase in the overall kitty, which had increased by USD 2.561 billion to USD 644.151 billion in the previous reporting week ended May 17. On the domestic equity market, the 30-share BSE Sensex declined 19.89 points, or 0.03 per cent, to close at 75,390.50 points. The broader NSE Nifty settled 24.65 points or 0.11 per cent lower at 22,932.45 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 944.83 crore, according to exchange data.

Rupee falls 4 paise to close at 83.14 against US dollar

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> rallied for the fourth consecutive trading session on Friday and appreciated by 18 paise to settle at 83.11 (provisional) against the <keyword id="6368584" type="General" weightage="20" keywordseo="US-dollar" source="Orion">US dollar</keyword> on fresh foreign fund inflows and suspected intervention by the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders attributed the rally to Rs 2.11 lakh crore record dividend by the RBI to the government for the fiscal ended March 31. It was more than double the budgeted expectation, helping shore up revenue ahead of a new government taking office. At the interbank <keyword id="6368276" type="General" weightage="20" keywordseo="foreign-exchange" source="Orion">foreign exchange</keyword>, the domestic unit opened at 83.26 and moved in the range of 83.03 and 83.26 against the greenback during the session. The local unit finally settled at 83.11 (provisional) against the <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>, registering a rise of 18 paise from its previous close. In the last four trading sessions the local unit has added 39 paise against the American currency. The forex market was closed on Thursday on account of 'Buddha Purnima'. On Wednesday, the rupee appreciated by 2 paise to settle at 83.29 against the US dollar. "The <keyword id="91748" type="General" weightage="20" keywordseo="indian-rupee" source="Orion">Indian rupee</keyword> gained on suspected intervention by the Reserve Bank of India (RBI). The RBI's Rs 2.11 lakh crore dividend to the government also boosted market sentiments. "Fresh FII inflows and a decline in crude oil prices also supported the rupee. The US dollar strengthened as markets trimmed rate cut bets amid hawkish US data and hawkish Federal Open Market Committee (FOMC) meeting minutes," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.22 per cent to 104.88. Brent crude futures, the global oil benchmark, slipped 0.70 per cent to USD 80.79 per barrel. "We expect the rupee to trade with a positive bias on positive domestic equities and overall weakness in crude oil prices. However, weak global markets and strong dollar on hawkish US data may cap sharp gains," Choudhary said. Traders may take cues from durable goods orders and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.30, Choudhary added. On the domestic equity market front, benchmark equity indices scaled new peaks in intra-day trade before ending flat. The 30-share Sensex declined 7.65 points, or 0.01 per cent, to settle at 75,410.39 points, and Nifty fell 10.55 points, or 0.05 per cent, to close at 22,957.10 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 4,670.95 crore, according to exchange data.

Rupee jumps 18 paise to close at 83.11 against US dollar

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 6 paise to close at 83.31 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday following a weak greenback against major currencies overseas and softening <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> in international markets. However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said. At the interbank <keyword id="136565" type="General" weightage="20" keywordseo="foreign-exchange-market" source="Orion">foreign exchange market</keyword>, the local unit opened strong at 83.32 and touched an intraday high of 83.26 and a low of 83.36. The domestic unit finally settled at 83.31 (provisional), a gain of 6 paise from its previous close. On Friday, the rupee had settled at 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>. The <keyword id="21021209" type="General" weightage="20" keywordseo="forex-market" source="keywords">forex market</keyword> was closed on Monday on account of general elections. "A decline in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices and fresh foreign inflows also supported the rupee. US Dollar softened on rate cut expectations by Fed but hawkish comments by Fed officials supported the US dollar at lower levels," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. On the domestic equity market front, the 30-share BSE Sensex fell 52.63 points or 0.07 per cent to settle at 73,953.31, while the broader NSE Nifty rose 27.05 points or 0.12 per cent to 22,529.05. "The rupee traded positively. This strength is attributed to predictions of the current government winning the general election, leading to increased stability. "Additionally, Domestic Institutional Investors (DIIs) have been actively buying into capital markets. Soft crude prices and a stable dollar index also supported the rupee. The expected range for the rupee in the upcoming sessions is between 83.00 and 83.50," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Saturday, as they sold shares worth Rs 92.95 crore, according to exchange data. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.38. Brent crude futures, the global oil benchmark, declined 0.97 per cent to USD 82.90 per barrel.

Rupee rises 6 paise against US dollar as crude oil prices ease

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> opened on a flat note against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, weighed down by a negative trend in <keyword id="20024980" type="General" weightage="20" keywordseo="domestic-equities" source="keywords">domestic equities</keyword> and the strength of the American currency in the overseas markets. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said The <keyword id="20045514" type="General" weightage="20" keywordseo="Indian-rupee" source="keywords">Indian rupee</keyword> underperformed among the <keyword id="20302519" type="General" weightage="20" keywordseo="Asian-currencies" source="keywords">Asian currencies</keyword> amid higher imported commodity prices and foreign fund outflows amid worries about <keyword id="43816" type="General" weightage="20" keywordseo="election-results" source="Orion">election results</keyword>. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit moved in a narrow range. It opened at 83.50 against the American currency and touched 83.49 in the initial trade. On Thursday, the rupee had settled at 83.50 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.61, higher by 0.15 per cent. Brent crude futures, the global oil benchmark, rose 0.26 per cent to USD 83.49 per barrel. "Indian rupee was again sold off despite gains in other Asian currencies on Thursday and closed at RBI-controlled level of 83.50," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Bhansali further noted that the rupee is likely to trade in a narrow range of 83.45 to 83.55 during the day. On the domestic equity market, the 30-share BSE Sensex was trading 196.15 points, or 0.27 per cent lower at 73,467.57 points. The broader NSE Nifty was down 44.00 points, or 0.2 per cent, to 22,359.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 776.49 crore, according to exchange data.

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