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Mumbai, The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 16 paise to 81.54 against the US <keyword id="35208" type="General" weightage="20" keywordseo="dollar" source="Orion">dollar</keyword> in early trade on Friday on broad dollar weakness and in line with its Asian peers. At the interbank foreign exchange, the domestic unit opened at 81.69 against the dollar, then gained ground to touch 81.54, registering a rise of 16 paise over its previous close. On Thursday, the rupee appreciated by 23 paise to close at 81.70 against the US dollar. Forex traders said the American currency has retreated from its elevated levels post Federal Open Market Committee (FOMC) minutes. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23 per cent to 105.82. Moreover, steady crude oil price is also aiding investor sentiments. "Brent is steady around <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 85 per barrel after Thursday's drop which came on reports that the price caps proposed for Russian crude were too high and above the current levels," IFA Global Research Academy said in a note. Brent crude futures, the global oil benchmark, advanced 0.20 per cent to USD 85.51 per barrel. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 39.89 points or 0.06 per cent lower at 62,232.79. Similarly, the broader NSE Nifty fell 12.65 points or 0.07 per cent to 18,471.45. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 1,231.98 crore, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/india-vix-cools-down-to-pre-covid-levels-heres-why-and-where-it-is-headed/articleshow/95743166.cms">India VIX cools down to pre-Covid levels – here’s why and where it is headed</a> <a href="https://www.businessinsider.in/stock-market/news/bikaji-stocks-why-investors-continue-to-snack-on-this-stock/articleshow/95757704.cms">Bikaji Foods: Investors continue to snack on the stock that’s up 35% since listing</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-pnb-adani-enterprises-among-stocks-to-watch-out-for-on-november-25/articleshow/95754075.cms">Indian markets open in the green despite mixed cues from Asian markets – SBI, PNB, Adani Enterprises in focus</a>

Rupee gains 16 paise to 81.54 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> gained 32 paise to close at 82.50 (provisional) against the US dollar on Thursday, supported by a weaker greenback overseas. Forex traders said factors like strong Asian peers and crude oil prices trading below <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 80 per barrel also helped the currency. However, sustained foreign fund outflows and a weak trend in domestic equities dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 82.75 and touched an intra-day high of 82.50 and a low of 82.80 against the greenback. It finally ended at 82.50 (provisional), registering a rise of 32 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.06 per cent to 104.18. "The Indian rupee gained for a second day in trot supported by a weaker greenback and stronger regional peers. However, the gain was curtailed amid foreign fund outflows...," said <keyword id="329584" type="General" weightage="80" keywordseo="dilip-parmar" source="Orion">Dilip Parmar</keyword>, Research Analyst at <keyword id="103838" type="General" weightage="80" keywordseo="hdfc-securities" source="Orion">HDFC Securities</keyword>. The December Federal Open Market Committee (<keyword id="136502" type="General" weightage="80" keywordseo="fomc" source="Orion">FOMC</keyword>) minutes barely affected the forex market as nothing new came from the minutes, he added. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> declined 304.18 points or 0.50 per cent to end at 60,353.27, while the broader NSE Nifty fell 50.80 points or 0.28 per cent to 17,992.15. Global oil benchmark Brent crude futures rose 2.62 per cent to USD 79.88 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,620.89 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/japanese-startups-look-overseas-as-domestic-market-shrinks/articleshow/96756948.cms">Japanese startups look overseas as domestic market shrinks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-mphasis-downgraded-to-midcap-while-bikaji-foods-kfin-tech-make-smallcap-entry-amfi/slidelist/96757154.cms">Paytm, Mphasis downgraded to midcap while Bikaji Foods, KFin Tech make smallcap entry: AMFI</a>

Aided by a weaker greenback, Rupee gains 32 paise to close at 82.50/USD

<ul><li>Compared to 15.9 per cent in 2020-21, the gross financial savings of households stood at 10.8 per cent in 2021-22. In the three previous fiscal years, it was 12 per cent.</li><li>According to a consultancy firm, high <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> has been the major reason behind fall in savings and in order to increase investments, savings need to be encouraged.</li><li>Indian households account for about 60 per cent of the country's savings, but this is falling gradually. </li></ul> Indian households' savings fell to a five-year low in 2021-22 as rising inflation gnawed into the <keyword id="15631502" type="General" weightage="20" keywordseo="purchasing-power-of-the-middle-class" source="Orion">purchasing power of the middle class</keyword>. Also, due to the Coronavirus-induced lockdowns, people were forced to dig into their savings, as the pandemic also led to severe job losses and in the absence of steady incomes, savings were the last resort for people to run their households. Compared to 15.9 per cent in 2020-21, the gross financial savings of households stood at 10.8 per cent in 2021-22. In the three previous fiscal years, it was 12 per cent. Though initially during the lockdowns, people saved their funds, keeping in mind the possibilities of having to spend on healthcare, once the restrictions eased, they went on a spending spree, what economists termed as "revenge spending". This led to depletion of their savings and a situation arose when spendings exceeded income and there were cases when despite having no jobs, expenditures rose, and savings bore the brunt of this excess or revenge spending, economists explained. According to official data, <keyword id="382273" type="General" weightage="20" keywordseo="Household-savings" source="Orion">household savings</keyword> figures were down to 2.5 per cent of the GDP in 2021-22, while share of other savings avenues like insurance, provident fund and pension funds went up to 40 per cent of gross financial savings. In 2021-22, shares and debentures' portion were also at a five-year high of 8.9 per cent, while the share of small savings hit a 16-year high of 13.3 per cent, according to reports. According to a consultancy firm, high inflation has been the major reason behind fall in savings and in order to increase investments, savings need to be encouraged. Indian households account for about 60 per cent of the country's savings, but this is falling gradually. Lower domestic savings exposes borrowers to overseas markets, weakening India's external position and raising external debt. India's savings rate had touched a 15-year-low as gross domestic savings stood at 30.9 per cent of GDP in FY20, down from a peak of 34.6 per cent in FY12. Household savings fell from 23 per cent of GDP in 2012 to 18 per cent in 2019. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/a-year-after-market-debut-paytm-is-the-worst-performer-among-recent-large-ipos-cartrade-policybazaar-and-lic-join-the-party/articleshow/95762071.cms">A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bikaji-stocks-why-investors-continue-to-snack-on-this-stock/articleshow/95757704.cms">Bikaji Foods: Investors continue to snack on the stock that’s up 35% since listing</a>

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Rupee gains 16 paise to 81.54 against US dollar

PTI

Aided by a weaker greenback, Rupee gains 32 paise to close at 82.50/USD

PTI

Revenge spending effect: Household savings dip to 5 -year low

IANS

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