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Rupee rises 3 paise to 83.10 against US dollar in early trade Read more at: https://economictimes.i.

Date: 29-05-2024
Subject: Rupee rises 3 paise to 83.10 against US dollar in early trade Read more at: https://economictimes.i
The rupee appreciated by 3 paise to 83.10 against the US dollar on Tuesday, tracking a positive trend in domestic equities and weakness of the American currency in the overseas market. Forex traders rupee is likely to trade with a positive bias tracking a positive trend in domestic equities and expectations of fresh foreign inflows, however, a recovery in crude oil prices may cap a sharp upside.

At the interbank foreign exchange market, the local unit opened at 83.14 and gained further  ..

On Monday, the rupee pared its initial gains and settled for the day lower by 3 paise at 83.13 against the US dollar.

The opening for the rupee on Tuesday was flattish and the USD/INR pair should move within a narrow range of 83.00 to 83.20, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

Importers need to keep buying in dips, as the Reserve Bank of India (RBI) may possibly not allow a big move  ..

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.42, lower by 0.12 per cent.

Brent crude futures, the global oil benchmark, advanced 0.24 per cent to USD 83.30 per barrel.

Going ahead, "the performance of Indian equities is expected to be a significant driver for the rupee, especially as investors position themselves ahead of the Lok Sabha election results scheduled for June 4," said CR Forex Advisors MD Amit Pabari.

Given these factors, the rupee is expected to appreciate to around 82.80-82.50 in the near term, with medium-term projections ranging between 82.20 and 82.00, Pabari added.

On the domestic equity market, the 30-share BSE Sensex was t ..

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 541.22 crore, according to exchange data.

 Source Name : Economic Times

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