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The rupee rose 12 paise to 85.43 against the US dollar on Monday, buoyed by weak global cues and robust GDP data. Analysts await RBI’s rate decision and PMI data as markets remain volatile amid foreign fund outflows and high oil prices.
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The rupee came under pressure due to rising global crude oil prices and weaker-than-expected domestic industrial output data for April. However, sustained foreign fund inflows and positive sentiment in domestic equities helped limit further losses, according to forex traders.
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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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A lackluster domestic equity market and continuous foreign fund outflows exerted pressure on the local currency. However, easing crude oil prices provided some support, according to forex traders. At the interbank foreign exchange, the rupee opened weaker at 87.24 amid high volatility, hitting a low of 87.34 before stabilizing at 87.25 against the US dollar in early trade, marking a 30-paise decline from its previous close.
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The domestic equity markets rebounded with the 30-share BSE Sensex rising 117.57 points to 74,571.98 in early trade, while Nifty was up 31.3 points to 22,584.65
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The rupee is expected to trade in a range of 86.35-75 as the market gives opportunity for both exporters and importers to sell and buy their currencies: Anil Kumar Bhansali
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The rupee opened at 86.35 then fell further to 86.44 against the American currency, as Trump Tariffs uncertainty gained
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The BSE Sensex began trading at 81,611.07 after slipping 209.05 points or 0.26 per cent in early trade
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Forex traders noted that the US dollar weakened against major currencies following a sharp drop in consumer confidence, which fell to 98.7 from 105.6 in August, the largest decline in three years. At the interbank foreign exchange market, the rupee opened at 83.59 against the dollar, then rose to 83.54, gaining 10 paise from its previous close.
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Nifty midcap 100 index was up 147 points or 0.24 per cent at 60,860 and Nifty smallcap 100 index was up 37 points or 0.19 per cent at 19,586
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Asian Paints, Bharti Airtel, ITC, and Hindustan Unilever were among the gainers. Meanwhile, Seoul, Tokyo, Shanghai, and Hong Kong markets were trading lower. US markets mostly ended higher on Tuesday. Foreign Institutional Investors (FIIs) purchased equities worth Rs 2,208.23 crore on Tuesday, according to exchange data.
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This comes amid significant rally in the US and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries
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Sensex sheds 325.97 points to 79,142.04, Nifty dips 99.1 points to 24,198.40
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Sensex jumps 379.68 points to hit a record peak of 79,855.87, Nifty climbs 94.4 points to reach lifetime high of 24,236.35
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Forex traders say strength of dollar in overseas market, elevated crude oil prices weigh on local unit and restrict appreciation bias
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Climbs 134.64 points to hit 78,188.16, Nifty up by 28.2 points to 23,749.50
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Opens at 83.52, gains further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise
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Sensex declines 463.96 points to 76,745.94; Nifty drops 149.6 points to 23,351.50
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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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The broader NSE Nifty climbed 71.5 points to 17,023.20. The 30-share BSE Sensex advanced 218.68 points to 57,832.40 in initial trade.