There was a decline of 4 paise in the Indian rupee against the dollar, which was closed at 83.52 (provisional) against the US dollar, marking a decline in the INR vs USD rate, on Wednesday, mainly on account of an increase in crude oil prices. Forex traders pointed out that the Indian rupee fell to its lowest level because of a rise in crude oil prices, which hit a week high on Tuesday. Nevertheless, a strong show in home markets as well as favourable macroeconomic indicators, partially eased the rupee’s downfall.
At the Interbank Foreign Exchange Market, the local currency opened at 83.51, and they just oscillated by touching an intraday high of 83.49 and a low of 83.56 against the American currency during the session. It may be mentioned that it was finally set at 83.52 (provisional) in the INR vs USD rate, which declined 4 paise from yesterday’s close. The dollar index that compares the dollar to the basket of six other currencies was at 0.10 percent less at 105.61, so the depreciation of the rupee received some support.
In the commodities market, Brent crude futures, which is the international benchmark, has been floating at 0.09 percent than that of the base year at USD 86.32 per barrel. The current level of crude has been a rate that has been a burden to the otherwise poor-performing rupee due to its effects on the Indian trade balance and possible inflation.
At home, the equity market exhibited a great deal of strength this year. The BSE Sensex reached the 80,000 point for the first time whereas the NSE Nifty also registered a new record high. The BSE’s 30-share index, Sensex, ended up at 545.35 points, or 0.69 per cent and finally reached 79,986.80 points. Likewise, the broader index NSE Nifty concluded 162.65 points, or 0.67 percent, higher at 24,286.50 points, which denotes positive investors’ influences and optimism on the India stock market.
The data of an exchange also reflects that FIIs sold stocks to the tune of Rs 2,000.12 crore, which suggests some amount of profit booking or risk aversion because of the global uncertain environment.
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