Mumbai: The rupee on Friday strengthened in a narrow range against the US dollar and closed 2 paise lower at 83.56 (provisional) amid positivity in domestic markets and fall in crude oil prices, stronger US dollar and FII outflows. Prevent rapid growth. ,
Forex traders said the rupee witnessed elasticity against the dollar following the Federal Open Market Committee (FOMC) meeting and Fed Chairman's comments.
At the Interbank Foreign Exchange, the local unit opened at 83.54 and eventually closed 2 paise lower at 83.56 (provisional) against the American currency.
On Thursday, the rupee fell 6 paise to close at 83.54 against the US dollar.
Anuj Chaudhary – “We expect the rupee to trade with a slight negative bias due to the strong US dollar and weak global markets.However, positive trends in domestic markets and expectations of fresh forex inflows may support the rupee at lower levels," said a research analyst at Sharekhan by BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.40 percent higher at 105.61.
Global oil benchmark Brent crude futures fell 0.12 percent to US$82.65 a barrel.
On the domestic macroeconomic front, India's merchandise exports grew by 9 per cent to US$ 38.13 billion in May 2024 and imports also increased by 7.7 per cent to US$ 61.91 billion in May 2023 from US$ 57.48 billion in May 2023, as per This is according to the released government data.Friday. It was dollars. The trade deficit, or the difference between imports and exports, stood at US$23.78 billion during the month under review.
Meanwhile, wholesale inflation rose for the third consecutive month to 2.61 per cent in May due to rise in prices of food items, especially vegetables, and manufactured goods.
In the domestic equity market, the 30-share BSE Sensex closed at a new peak of 76,992.77 with a gain of 181.87 points or 0.24 per cent.The broader NSE Nifty closed at an all-time high of 23,465.60, up 66.70 points or 0.29 per cent.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 3,033.00 crore, according to exchange data. Meanwhile, Moody's Ratings on Thursday said India will remain the fastest growing economy in the Asia-Pacific region in 2024. , maintaining last year's domestic momentum.
Forex traders said the rupee witnessed elasticity against the dollar following the Federal Open Market Committee (FOMC) meeting and Fed Chairman's comments.
At the Interbank Foreign Exchange, the local unit opened at 83.54 and eventually closed 2 paise lower at 83.56 (provisional) against the American currency.
On Thursday, the rupee fell 6 paise to close at 83.54 against the US dollar.
Anuj Chaudhary – “We expect the rupee to trade with a slight negative bias due to the strong US dollar and weak global markets.However, positive trends in domestic markets and expectations of fresh forex inflows may support the rupee at lower levels," said a research analyst at Sharekhan by BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.40 percent higher at 105.61.
Global oil benchmark Brent crude futures fell 0.12 percent to US$82.65 a barrel.
On the domestic macroeconomic front, India's merchandise exports grew by 9 per cent to US$ 38.13 billion in May 2024 and imports also increased by 7.7 per cent to US$ 61.91 billion in May 2023 from US$ 57.48 billion in May 2023, as per This is according to the released government data.Friday. It was dollars. The trade deficit, or the difference between imports and exports, stood at US$23.78 billion during the month under review.
Meanwhile, wholesale inflation rose for the third consecutive month to 2.61 per cent in May due to rise in prices of food items, especially vegetables, and manufactured goods.
In the domestic equity market, the 30-share BSE Sensex closed at a new peak of 76,992.77 with a gain of 181.87 points or 0.24 per cent.The broader NSE Nifty closed at an all-time high of 23,465.60, up 66.70 points or 0.29 per cent.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 3,033.00 crore, according to exchange data. Meanwhile, Moody's Ratings on Thursday said India will remain the fastest growing economy in the Asia-Pacific region in 2024. , maintaining last year's domestic momentum.
