On Friday, the Indian rupee exhibited a 3 paise surge, reaching 83.30 against the US dollar, buoyed by a weakened greenback and positive movements in domestic equities. Opening at 83.31 per dollar, a slight improvement from the previous close of 83.33, the rupee benefited from foreign fund inflows and the dollar’s softness in international markets. Forex dealers noted that despite these positive factors, a rebound in crude oil prices introduced an element of caution to market sentiment.
In global financial dynamics, the US dollar index, gauging the greenback’s strength against a basket of six currencies, experienced a marginal decline of 0.02%, settling at 101.94. Concurrently, the 10-year US Treasury yields dipped below the 4% mark on Thursday, influenced by signals from the US Federal Reserve indicating potential rate cuts in the coming year.
Foreign Institutional Investors (FIIs) contributed to the positive market sentiment, emerging as net buyers in the capital market on Thursday by acquiring shares worth ₹3,570.07 crore, according to exchange data.
Amid these currency and market movements, Brent crude futures, the global oil benchmark, observed a 0.52% uptick, reaching $77.01 per barrel. This rise in crude oil prices introduced a counterbalancing factor, tempering the overall positivity in the forex landscape.
Domestic equity markets mirrored the positive trend, registering early gains as key indices achieved record intra-day highs. The 30-share BSE Sensex surged by 492.79 points, equivalent to 0.70%, reaching 71,006.99, while the NSE Nifty 50 witnessed a rally of 150.10 points, or 0.71%, closing at 21,332.80.
As economic indicators, foreign fund movements, and global oil prices continue to influence the Indian financial landscape, market participants remain attuned to these dynamic factors, navigating the delicate balance between domestic and international developments.
Check here for the latest updates in Hindi!