"us-dollar"

Forex traders noted that the recent drop in oil prices, now around USD 77 per barrel, is a major boost for the rupee due to India's high oil import costs. In the interbank foreign exchange market, the rupee opened at 83.93, strengthened to 83.88, marking a 5 paise increase from its previous close.

Forex traders noted that a weak American dollar and lower crude prices helped support the rupee, preventing a sharper decline. At the interbank foreign exchange, the rupee opened lower at 83.79 and further weakened to 83.84 against the dollar, down 7 paise from the previous day's close of 83.77.

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.

Forex traders noted that positive sentiment in both domestic and global equity markets, coupled with a weak American currency, supported the rupee. On the interbank foreign exchange, the rupee opened at 83.93 and traded at its previous session's closing level of 83.94 against the dollar.

Forex traders noted that the US dollar weakened against major currencies following a softer-than-expected US Producer Price Index (PPI) report, making the Dollar Index susceptible to further correction. In the interbank foreign exchange market, the rupee opened at 83.90 against the dollar, gaining 7 paise from its previous close.

Forex traders noted that the 84.00 level is serving as a psychological resistance for the USD/INR pair. Market participants are also waiting for cues from the Indian CPI inflation and IIP data, which are set to be released later today.

Opens at 83.95 against the greenback, touches 83.89

At the interbank foreign exchange market, the local unit opened at 83.86 but soon pared its gains to trade at 83.92, unchanged from its previous close. On Tuesday, the rupee recovered from its all-time low and settled 17 paise higher at 83.92 against the US dollar.

This comes on the heels of significant downturn in Indian equity markets, foreign fund outflows

While the US dollar fell slightly in overseas markets, rising Brent crude oil prices limited gains for the domestic currency.

Forex traders noted that foreign fund outflows from Indian equities, triggered by the government's capital gains tax hike, pressured the local currency and limited its gains.

Sensex trades 425.14 points lower, Nifty down 120.65 points

Forex traders say the hike in capital gains tax and removal of indexation benefits in the FY25 Budget led to increased dollar buying, as foreign investors sold off stocks. 💵📉 #Budget2024 #Forex #MarketUpdate

Forex traders said that foreign fund inflows and possible intervention by the Reserve Bank of India (RBI) supported the rupee at lower levels, restricting its decline.

Forex traders said a rebound in crude oil prices weighed on the rupee, and weak Asian and European currencies may further dampen investor sentiment.

At the interbank foreign exchange market, the rupee opened at 83.53 and dropped to 83.55 against the dollar in early trading, falling 4 paise from its previous close.

At the interbank foreign exchange market, the local unit opened at 83.49, marking a 2-paise increase from its previous close.

At the interbank foreign exchange market, the rupee opened steady at 83.49 against the US dollar, trading within a narrow range of 83.49 to 83.50 in early trade.

CR Forex Advisors MD Amit Pabari stated that the Reserve Bank of India (RBI) appears committed to preventing the rupee from falling below 83.70, despite pressure from oil companies amidst high oil prices.

At the interbank foreign exchange market, the local unit opened at 83.48 and strengthened to 83.45 against the dollar, marking a 5-paise increase from its last close.