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Rupee Rises 5 Paise to 83.44 Against US Dollar

Market Update

At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close. The rupee appreciated 5 paise to 83.44 against the US dollar in early trade on Monday, as the American currency and crude oil prices retreated from their elevated levels.

Market Drivers

Foreign fund inflows also aided investors’ sentiments and supported the rupee. According to CR Forex Advisors MD Amit Pabari, the Reserve Bank of India (RBI) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices.

Economic Indicators

Positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee. Pabari expects the rupee to trade within a broad range of 83.20 to 83.70 levels.

Currency Markets

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.86, lower by 0.01 per cent. Brent crude futures, the global oil benchmark, declined 0.03 per cent to $86.51 per barrel.

Equity Market

On the domestic equity market front, the 30-share BSE Sensex fell 174.57 points, or 0.22 per cent, to 79,822.03 points. The broader NSE Nifty declined 13.05 points, or 0.05 per cent, to 24,310.80 points.

Foreign Institutional Investors

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,241.33 crore, according to exchange data.

Forex Reserves

In the previous reporting week, the overall kitty had dropped $2.922 billion to $652.895 billion. The reserves had touched an all-time high of $655.817 billion on June 7 this year.

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By using AI legalese decoder, market analysts and investors can gain a deeper understanding of the market’s sentiment and make more informed decisions. For example, the tool can help identify potential trends and patterns in the data, and provide insights into the likely impact of changing market conditions on the rupee’s value.

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