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Indian Rupee Appreciates Against US Dollar

Today in early trade, the Indian rupee strengthened by 15 paise to 83.16 against the US dollar, following the positive performance of Asian currencies and a bullish trend in the domestic stock market.

This movement in the forex market was influenced by a retreat in crude oil prices, which helped boost investor confidence.

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In the interbank foreign exchange market, the rupee started at 83.23 against the dollar before touching 83.16, marking a significant increase from its previous closing rate.

Yesterday, the rupee had ended flat at 83.31 against the US dollar, as forex and money markets remained closed due to the ‘Gudhipadwa’ holiday.

Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, predicted that the rupee could climb to 83.21 levels, given the stable performance of the dollar and the strengthening of Asian currencies.

While the dollar index stood at 104.14, Brent crude futures inched up by 0.04% to USD 89.46 per barrel from its recent highs.

Asian currencies saw gains, with CNH rising to 7.2397 levels, as markets awaited the release of US CPI data, projected to be at 3.4%, and the US FOMC meeting minutes later in the day.

In the domestic equity market, the BSE Sensex surged by 273.65 points to 74,957.35, while the NSE Nifty rose by 83.85 points to 22,726.60 in early trade.

Foreign Institutional Investors (FIIs) were net sellers on Tuesday, offloading shares worth Rs 593.20 crore, according to exchange data.

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