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Boost in manufacturing exports for sustained current account surpluses is a must while maintaining prowess in service exports and remittances
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Forex Traders Cite Overseas Strength of Dollar, Dampening Investor Sentiment
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In the interbank foreign exchange market, the local unit opened at 83.51 against the greenback, touching 83.49 in initial trade, marking a 12 paise rise from its previous close.
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Forex traders cited a robust US dollar in global markets and crude oil prices above USD 90 per barrel as factors dampening investor sentiment.
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In the interbank foreign exchange market, the rupee opened at 83.23 against the US dollar, later reaching 83.16 in initial trade, marking a 15 paise increase from its previous close.
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Forex traders noted that investor sentiment was dampened by both elevated crude oil prices and continuous foreign fund outflows.
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In the interbank foreign exchange market, the rupee commenced trading at 83.33 against the dollar. It dipped to an early low of 83.34, marking a decline of 5 paise compared to its previous close.
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Brent crude futures, the global oil benchmark, declined 0.05 per cent to USD 85.74 per barrel.
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The unit moved in a range of 83.23 to 83.33 in morning deals.
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In the interbank foreign exchange market, the rupee opened at 83.07 against the US dollar, stronger than the previous close of 83.19. It fluctuated between 83.08 and 83.04 in early trading.
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At the interbank foreign exchange market, the rupee opened higher at 83.00 against the previous close of 83.03 in line with firm domestic stock markets.
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Forex traders said the strength of the American currency, foreign fund outflows, and elevated crude oil prices in the international market dented investors' sentiments.
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At the interbank foreign exchange, the rupee opened at 82.82 against the dollar and touched an early low of 82.85 against the greenback.
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The rupee initially started at 82.74 against the dollar in the interbank foreign exchange but quickly recovered to reach 82.64 against the greenback during early trading, marking a 3-paise increase from its previous close.
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Positive equity markets provided support to the local currency, but its rally was limited by volatile crude oil prices, according to forex traders.
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Forex traders noted that while a positive sentiment in the equity markets boosted the local currency, the higher level of the dollar index introduced a negative bias.
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Forex traders noted that the domestic unit was dragged down by a volatile equity market and continued outflow of foreign funds.
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Forex analysts note that the rupee was influenced by crude oil prices remaining above USD 83 per barrel. Nevertheless, the rupee found support from positive equity markets, limiting its decline.
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In interbank forex trading, the local currency opened at 82.88 and edged slightly to 82.89 against the US dollar, marking a 2 paise increase from the previous close.
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Positive equity market sentiment and a weak American currency, however, provided support to the domestic unit, forex traders said.