Rupee Gains 2 Paise to 83.84 Against US Dollar in Early Trade: Insights into Market Trends
Market Dynamics and the Rupee's Performance
The rupee appreciated 2 paise to 83.84 against the US dollar in early trading on Tuesday, supported by a weaker greenback against major currencies and declining crude oil prices. However, sluggish domestic equities and outflows from foreign institutional investors created a cap on the rise of the local currency.
Foreign Exchange Overview
At the interbank market, the rupee opened at 83.87 but gained ground to hit 83.84, marking a 2 paise increase from its last closing rate of 83.86. According to Amit Pabari, MD of CR Forex Advisors, the Reserve Bank of India is likely to intervene as the rupee approaches the crucial 84-mark.
Equities and Market Sentiments
In the latest data, the dollar index, a measure of the US dollar's strength, dipped 0.05 percent to 100.38. Meanwhile, Brent crude futures rose by 0.45 percent to USD 73.08 per barrel. On the Indian stock front, the 30-share BSE Sensex decreased by 59.75 points, or 0.07 percent, reflecting a cautious sentiment due to foreign fund outflows.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.