[ad_1]
File | Photo Credit: Reuters
The rupee rose by 10 paise to 83.80 against the US dollar in morning trade on Monday (August 26, 2024), supported by weak US currency in the overseas market and foreign fund inflows.
Forex traders said the dollar index fell significantly to the 100.60 level after US Fed Chairman Jerome Powell’s speech at the Jackson Hole meeting. Powell had said at the Jackson Hole meeting that the time has come to ease policy, indicating a possible cut in interest rates in the US in September.
The local currency opened at 83.83 at the interbank foreign exchange market and then gained to 83.80, showing a rise of 10 paise over its previous close.
The rupee traded in a narrow range on Friday and closed with a gain of 3 paise at 83.90 against the US currency.
Anil Kumar Bhasali, Head-Treasury & Executive Director, Finrex Treasury Advisors LLP, said the rupee opened on a positive note this morning and traded around 83.80 as the US dollar declined against most currencies.
“It is expected to remain in the range of 83.75/95 as the RBI will buy the dollar pair at lower levels and sell around 83.95,” Bhansali said.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.06% to 100.66.
Global oil benchmark Brent crude futures rose 0.63% to $79.52 per barrel.
In the domestic stock market, the BSE Sensex of 30 shares rose by 262.21 points i.e. 0.32% to reach 81,348.42 points, while the Nifty rose by 62.15 points i.e. 0.25% to reach 24,885.30 points.
Foreign institutional investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 1,944.48 crore, according to exchange data.
Meanwhile, the RBI said on Friday that India’s foreign exchange reserves rose by $ 4.546 billion to $ 674.664 billion during the week ended August 16. The foreign exchange reserves had declined by $ 4.8 billion to $ 670.119 billion in the previous week.
[ad_2]
Source link