During the early trading session on Friday, the Indian rupee maintained a position at 83.24 against the US dollar despite the impact of increasing crude oil prices on investor sentiment. Although the domestic macroeconomic data showed signs the Indian currency faced pressure due to outflows of foreign funds and negative trends in Asian stock markets.
At the foreign exchange market, the rupee began its day at 83.25 and traded within a narrow range of 83.23 to 83.25 against the US dollar. Eventually, it settled at the level as Thursday’s closing rate of 83.24 against the dollar.
This week the rupee saw a gain of 7 paise against the currency after a 3 paise increase on the previous day. According to government data released on Thursday, India experienced a three-month low in inflation at 5 percent in September, while factory output surged to a high of 10.4 percent in August.
Experts in exchange emphasized that today’s focus would be on consumer sentiment data from the United States, and positive data could potentially lead to further gains for the dollar. They anticipated that the USD-INR(Spot) exchange rate would remain relatively stable, fluctuating between 83.05 and 83.40.
At the time, the dollar index, which gauges the strength of the US currency against a group of six currencies, showed a slight decrease of 0.15 percent to 106.44.
In the news, Brent crude futures, which serve as the benchmark for oil prices, experienced a rise of 0.58 percent and reached $86.50 per barrel.