Mumbai: The rupee on Wednesday closed 14 paise higher at 83.37 (provisional) against the US dollar due to strong buying in domestic equities and lower crude oil prices in international markets.
However, forex traders said a rising dollar against major currencies overseas and fresh foreign fund outflows limited gains in the local currency.
At the interbank foreign exchange market, the local unit opened at 83.50 and touched an intra-day peak of 83.28 against the domestic unit during the session. It finally closed at 83.37 (provisional) against the dollar, registering a rise of 14 paise from its previous close.
On Tuesday, the domestic currency fell 37 paise to close at 83.51 against the dollar.Sharekhan by BNP Paribas Research Analyst Anuj Choudhary said the rupee gained as domestic markets recovered some of the previous day's losses and reports of RBI intervention.
"...A recovery in the US dollar and disappointing macroeconomic data capped further gains," he said. The rupee is expected to trade with a slight negative bias due to the improvement in the US dollar and selling pressure from foreign investors, he said.
India's services sector growth slowed to a five-month low in May amid tough competition, price pressures and a scorching heat, while new orders from international markets expanded at the fastest pace in a decade, according to a monthly survey released on Wednesday. Grow up.
The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest level since last December.According to analysts, softening global crude oil prices and further RBI intervention may provide support to the rupee. Also, investors are likely to proceed cautiously ahead of the RBI monetary policy later this week.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.23 percent higher at 104.29.
Global oil benchmark Brent crude futures rose 0.06 percent to US$77.57 per barrel.
"...The OPEC+ decision has somewhat clouded the future crude oil demand outlook, triggering a sharp selloff in the WTI and Brent counters, which are down 4 percent in the last two sessions and last It has fallen 9 percent in seven days,” he said.Sharekhan by Mohammad Imran, Research Analyst, BNP Paribas.
In the domestic equity market, the 30-share BSE Sensex closed at 74,382.24, up 2,303.19 points or 3.20 per cent. The broader NSE Nifty rose 735.85 points, or 3.36 per cent, to 22,620.35.
Foreign investors were net sellers of Indian equities on Monday as they sold shares worth Rs 12,436.22 crore on a net basis. FIIs bought shares worth Rs 26,776.17 crore and sold equities worth Rs 39,212.39 crore in the cash segment.
However, forex traders said a rising dollar against major currencies overseas and fresh foreign fund outflows limited gains in the local currency.
At the interbank foreign exchange market, the local unit opened at 83.50 and touched an intra-day peak of 83.28 against the domestic unit during the session. It finally closed at 83.37 (provisional) against the dollar, registering a rise of 14 paise from its previous close.
On Tuesday, the domestic currency fell 37 paise to close at 83.51 against the dollar.Sharekhan by BNP Paribas Research Analyst Anuj Choudhary said the rupee gained as domestic markets recovered some of the previous day's losses and reports of RBI intervention.
"...A recovery in the US dollar and disappointing macroeconomic data capped further gains," he said. The rupee is expected to trade with a slight negative bias due to the improvement in the US dollar and selling pressure from foreign investors, he said.
India's services sector growth slowed to a five-month low in May amid tough competition, price pressures and a scorching heat, while new orders from international markets expanded at the fastest pace in a decade, according to a monthly survey released on Wednesday. Grow up.
The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest level since last December.According to analysts, softening global crude oil prices and further RBI intervention may provide support to the rupee. Also, investors are likely to proceed cautiously ahead of the RBI monetary policy later this week.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.23 percent higher at 104.29.
Global oil benchmark Brent crude futures rose 0.06 percent to US$77.57 per barrel.
"...The OPEC+ decision has somewhat clouded the future crude oil demand outlook, triggering a sharp selloff in the WTI and Brent counters, which are down 4 percent in the last two sessions and last It has fallen 9 percent in seven days,” he said.Sharekhan by Mohammad Imran, Research Analyst, BNP Paribas.
In the domestic equity market, the 30-share BSE Sensex closed at 74,382.24, up 2,303.19 points or 3.20 per cent. The broader NSE Nifty rose 735.85 points, or 3.36 per cent, to 22,620.35.
Foreign investors were net sellers of Indian equities on Monday as they sold shares worth Rs 12,436.22 crore on a net basis. FIIs bought shares worth Rs 26,776.17 crore and sold equities worth Rs 39,212.39 crore in the cash segment.
