Rupee appreciates by 8 Paise to 83.49 against Dollar in early trade
The indian Rupee appreciates by 8 paise to 83.49 against the US dollar in early trade, driven by retreating crude oil prices and stable economic fundamentals.
The rupee appreciated 8 paise to 83.49 against the US dollar in early trade on Thursday, as crude oil prices retreated from their elevated levels.
Forex traders said the strength of the American currency in the overseas market and foreign fund outflows weighed on the local unit and restricted the upmove.
At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level.
On Wednesday, the rupee depreciated 14 paise against the US dollar and settled at 83.57.
"Stronger fundamentals such as stable inflation, accelerated economic growth, higher business activity, and a controlled Current Account Deficit offer a counterbalance supporting the rupee. Additionally, continuous RBI intervention has also helped prevent significant rupee depreciation," CR Forex Advisors MD Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.10 per cent at 105.94.
Brent crude futures, the global oil benchmark, were trading 0.20 per cent lower at USD 85.08 per barrel.
Brent oil prices slid after US inventory build-up fuelled fears about a slow demand from the US. Worries about a potential expansion of Gaza Hostilities disrupting Middle East supplies capped the decline, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
In the domestic equity market, the 30-share BSE Sensex declined 38.81 points, or 0.05 per cent, to 78,635.44 points. The broader NSE Nifty fell 15.20 points, or 0.06 per cent, to 23,853.60 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 3,535.43 crore, according to exchange data.
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
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
Top 7 Mid Cap Mutual Funds With up to 41% SIP Returns in 5 Years: No 1 fund has converted Rs 15,000 monthly investment into Rs 23,84,990
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
10:17 AM IST