"rupee"

Analysts: Foreign Investors' Selling Pressure and High Oil Prices Hinder Rupee's Sharp Gain

Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit

Forex traders said rupee is trading in a narrow range as strong American currency and elevated crude oil prices weighed on the local unit and restricted the uptick in the domestic unit.

Forex traders noted weakened investor sentiment due to strong American currency and high international crude oil prices.

At the interbank foreign exchange, the domestic currency opened at 83.01, then touched 82.99 against the greenback in initial deals, registering a rise of 8 paise from its previous close.

Apart from demand, it’s the actual traders who make the greenback powerful and most sought-after currency

Forex traders noted that the downturn in domestic equities and foreign fund inflows dampened investor sentiment.

At the interbank foreign exchange, the rupee opened at 82.94 against the dollar, later reaching 82.90, marking a 6 paise gain from its last close.

"At the interbank foreign exchange, the rupee started at 83.03 against the dollar, marking a 2 paise increase from its last closing."

Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1 per cent of GDP for FY25.

Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.

Forex traders noted the rupee trading within a limited range, influenced by the prevailing strength of the American currency in the global market and concerns over foreign fund outflows impacting investor sentiments

Forex traders said positive cues from domestic equity markets and lower level of dollar provided support to the Indian currency.

The domestic currency opened at 83.13 and slipped further to 83.15 against the dollar, registering a loss of 3 paise from its previous close.

At the interbank foreign exchange, the domestic currency opened at 82.82 and touched 82.77 against the greenback in initial trade, registering a rise of 18 paise from its previous close.

At the interbank foreign exchange, the domestic currency opened weak at 83.08 and traded between 82.86 and 83.10 against the greenback during intra-day deals

The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency, forex traders said

According to forex analysts, despite positive sentiment in the domestic equity markets and a weak American currency against major global currencies, the Indian unit was weighed down by the volatile crude oil prices

At the interbank foreign exchange, the rupee opened at 83.33 against the dollar. It touched a low of 83.36 in initial deals, registering a fall of 2 paise over its previous close.

The US currency also weakened against its major global rivals which supported the rupee sentiment despite FII outflows, forex dealers said.