D-St just 5% away from highs with a 10% bounce from lows
The rupee has shown a significant recovery, closing at 93.90 this week, its best level since April. Recent drops in oil prices have alleviated inflation concerns and supported the local currency. Simultaneously, foreign portfolio investors have made substantial net purchases in Indian equities, contributing to market stability. Indian equity indices have also rallied over 10% from recent lows,…
India's rupee edged closer to a 2019 high, rising 10% from its lows, as oil prices fell sharply and foreign fund inflows surged. Closing at 93.90 on Friday, the currency is just 5% away from its all-time peak, observed on May 30. The strengthening comes after a record low of 96.96 late May and is largely attributed to a post-midterm rally and short covering.
Foreign portfolio investors (FPIs) have bought nearly ₹15,000 crore in Indian equities this week, the largest single-day purchase since September 2024. With the Sensex and Nifty indices both gaining more than 10% from their recent lows, tech-savvy India appears to be an attractive proposition for FPIs amidst an anti-AI trade. However, analysts warn the rally may not signal a sustained recovery without further confirmation.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
