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According to forex traders, market sentiment took a hit due to rising geopolitical tensions following a terror attack in Pahalgam, Jammu & Kashmir. On the international front, the US dollar index rebounded sharply, climbing from a recent low of 97.92 to 99.94. This recovery was fueled by renewed optimism over a possible easing of trade tensions between the US and China, they noted.
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According to forex traders, the local currency came under pressure due to weak sentiment in the equity markets and a modest rebound in crude oil prices. At the interbank foreign exchange, the rupee opened at 85.48 and eased to 85.54 against the US dollar in early trade, marking a 10 paise gain from its previous close.
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Forex traders attributed the rupee’s gains to FPIs becoming net buyers in equities for the second time this week while making substantial investments in debt. At the interbank foreign exchange, the rupee opened at 86.26 against the US dollar, strengthened further, and reached 86.19, marking an appreciation of 17 paise from its previous close.
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Forex traders noted that easing crude oil prices and overall weakness in the dollar index supported the rupee, though the Reserve Bank's active intervention kept it within a tight range. In the interbank foreign exchange market, the rupee traded within a narrow band, opening at 83.96 against the dollar and reaching 83.85 in early trade. It later remained steady at 83.95, unchanged from its previous close.
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Forex traders noted that, from a macroeconomic perspective, the rupee's downside seems well-contained, with the 84 level serving as critical support, likely due to anticipated RBI intervention to curb further depreciation. At the interbank foreign exchange market, the rupee opened at 83.94, then weakened slightly to 83.95, marking a 2 paise loss from its previous close.
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Forex traders noted that the weakening of the American currency in global markets and falling crude oil prices boosted investor sentiment. On the interbank foreign exchange market, the rupee opened at 83.88 against the dollar, then strengthened to 83.84, marking an 11 paise gain from its previous close.
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According to forex traders, the domestic currency strengthened as the US dollar and crude oil prices pulled back from their recent highs.
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"The Indian rupee faced pressure due to an advancing dollar index, driven by hawkish remarks from Federal Reserve officials, according to forex traders."
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At the interbank foreign exchange, the domestic unit opened at 83.13, registering a rise of 10 paise over its last close.
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Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors.
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At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close.
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RBI is largely expected to leave the repo rate unchanged at 6.5 per cent.
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At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then rose to 82.16, registering a rise of 9 paise over its previous close.
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Forex traders said the upward trend in crude prices and outflow of foreign funds from equities market restricted the gain in the local unit.
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At the interbank foreign exchange, the domestic unit opened weak at 82.44 against the dollar, then fell to 82.46, registering a decline of 25 paise over its last close.
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Forex traders said the rupee is trading in a narrow range as the strengthening of the American currency in the overseas market and rising crude oil prices are weighing on investor sentiment.
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New Delhi: Investors’ wealth on Tuesday tumbled over Rs 2 lakh crore amid heavy selling pressure in domestic equities. The 30-share BSE Sensex tanked 567.98 points or 1.02 per cent to settle at 55,107.34. In tandem with weak equities, the market capitalisation of BSE-listed firms tumbled by Rs 2,08,291.75 crore to Rs 2,54,33,013.63 crore. “Investors […]
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Mumbai: The rupee inched 4 paise higher to close at 77.54 (provisional) against the US dollar on Monday, supported by positive domestic equities and a weak American currency overseas. Forex traders said the rupee consolidated in a narrow range as elevated crude oil prices and persistent FII outflows weighed on the local unit. At the […]
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The broader NSE Nifty extended its winning run to the fourth consecutive session, climbing 93 points or 0.17 per cent to finish at 15,301.45.
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SBI was the top gainer in the Sensex pack, advancing over 2 per cent, followed by L&T, ITC, Dr Reddy's, Axis Bank and PowerGrid.
