Rupee turns flat at 83.43 against US dollar in early trade
Forex traders said that an upward movement in the crude oil prices also pressured the Indian currency. However, it found support from positive domestic equity market sentiment and inflow of foreign capital.
The rupee traded on a flat note at 83.43 against the US dollar in early trade on Thursday amid a strong greenback after the American central bank decided to keep interest rate unchanged.
Forex traders said that an upward movement in the crude oil prices also pressured the Indian currency. However, it found support from positive domestic equity market sentiment and inflow of foreign capital.
At the interbank foreign exchange, the domestic unit opened strong at 83.41 but later slipped to its previous closing level of 83.43 against the dollar.
The rupee had settled 2 paise higher at 83.43 against the dollar on Tuesday, a day after losing 7 paise on Monday.
Foreign exchange market was closed on Wednesday on account of Maharashtra Day.
On Wednesday, the US Federal Reserve decided to maintain the status quo on the benchmark interest rates, which was in line with the market expectations.
Analysts said that market participants will keep a close watch on the US non-farm payroll data to be released on Friday.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 105.64.
Brent crude futures, the global oil benchmark, advanced 0.56 per cent to USD 83.91 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 152.67 points or 0.20 per cent higher at 74,635.45. The broader NSE Nifty advanced 25.75 points or 0.11 per cent to 22,630.60.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,071.93 crore on a net basis, according to exchange data.
India's Goods and Services Tax (GST) collections grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports, the finance ministry said on Wednesday.
Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Top 10 Mid-cap Stocks to Invest: Motilal Oswal picks Indian Hotels, Godrej Properties, and more; know target price
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
10:26 AM IST