Rupee rises 7 paise to close at 93.70 against US dollar
At the interbank foreign exchange market, the rupee opened at 93.71 against the US dollar and during intra-day trade, the rupee witnessed a high of 93.63 and a low of 93.88 against the American currency
On Wednesday, the Indian rupee gained 7 paise, closing at 93.70 against the US dollar, according to provisional figures. Strength in domestic markets, foreign capital inflows, and cheaper global crude oil prices contributed to the rise. During intra-day trading, the rupee fluctuated between 93.63 and 93.88 against the dollar, reaching its peak of 93.63 and bottoming at 93.88.
The rupee started the day at 93.71. Despite the gains, a strong US dollar and rising US Treasury yields, fueled by higher-than-anticipated US inflation and job creation data, put limits on the rupee's upside. Forex traders cited the rupee's positive outlook, supported by domestic market strength, foreign inflows, and declining oil prices.
However, the dollar's strength and rising US yields could cap the rupee's gains. Anuj Choudhary, a research analyst at Mirae Asset Sharekhan, noted the expectation of a positive bias for the rupee. US banks would be closed for Veterans Day on Wednesday, and the dollar index was at 102.50, up 0.27 percent. Brent crude oil prices were up 1.01 percent at $92.41 per barrel.
Foreign institutional investors purchased Indian equities worth ₹7,212.22 crore on Monday, marking a turnaround from net outflows in October and September.
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- Rupee rises 7 paise to 93.70 against US dollar in early trade thehindubusinessline.com
