Foreign Funds Propel Rupee to 83.64 vs USD Amid Market Trends
Foreign Funds Influence Rupee's Rise
Mumbai: The rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday amid softening crude oil prices and inflow of foreign funds.
The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major rivals overseas amid increased month-end dollar demand from importers, forex traders said.
Market Dynamics
At the interbank foreign exchange, the local unit opened at 83.64 and touched a low of 83.69 before trading again at 83.64 against the American currency, registering a gain of 2 paise from its previous close.
- On Thursday, the rupee declined 8 paise to settle at 83.66.
- The dollar index rose by 0.15% to 100.39.
- Market participants are awaiting cues from US personal consumption expenditure data.
- Brent crude fell 0.36% to 71.34 in futures trade.
Equity Market Overview
On the domestic front, the Sensex fell 9.15 points or 0.01% to 85,826.97, while the Nifty inched up 5.80 points or 0.02% to 26,221.85. Both indices closed at their highest levels on Thursday.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets, purchasing shares worth Rs 629.96 crore according to exchange data.
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.