At the start of early Monday trade, the rupee pushed ahead and advanced 3 paise against the US dollar to reach 83.42, a usual consequence of the stocks showing promise. Yet, for the forex traders, the buck remained robust in the international market, and they went on reducing their foreign capital flows, taking away some of the rupee’s efforts upward. On the inter-bank FX market, the rupee initially traded at 83.43 against the USD, subsequently moving to 83.42, closing with a 3-paise gain from the day before.
On Friday, the rupee appreciated slightly by 1 paisa to stand at 83.45, the figure for the USD. For the parallel, the dollar index, which monitors the buck’s performance against another six big currencies, was at 105.16. The number indicated an increase of 0.13 percent.
The Brent Crude future, the international oil standard, increased by 0.23% to $83.15 per barrel. The fall of the overseas market and the growth of the BSE leading to increase of 434.04 points (0.59%), the BSE Sensex rocketed to 74,312.19 early on. The NSE Nifty also recorded a similar gain by rising by 91.60 points (0.41%) to reach 22,567.45 points in its index. FIIs acted as net market buyers by declining shares worth Rs 2391.98 crores.
Meanwhile, India’s forex reserves fell by $2.412 billion to $637.922 billion as of April 26, marking the third consecutive weekly decline, according to the Reserve Bank of India (RBI).
Overall, while the rupee showed resilience against the dollar supported by domestic market trends, concerns lingered due to the dollar’s strength internationally and persistent foreign fund outflows. Moreover, fluctuations in crude oil prices and FIIs’ investment patterns continue to impact the currency market dynamics.
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