The Indian rupee gained three paise to finish at 83.56 after the trading session of Wednesday came to an end. This has been a positive momentum for the domestic currency as the INR vs USD rate increased after a long time. Along with that, it was a positive day for the Indian stock market as the Nifty touched its all-time high, creating new milestones.
The Forex traders talked about the same and said that the rupee is currently trading in a narrow range due to which traders aren’t able to see much movements in the INR vs USD price chart on a daily basis. The United States will soon be releasing its Federal Rate decision which will affect the chart at the international level and the Consumer’s Price Index will be released by the Indian government to affect the price at the domestic level.
On the other hand, the US dollar was strong against the other currencies and the crude oil futures also had a positive movement, which prevented the rupee from showing greater gains on this day. Today, the rupee touched its intra day high of 83.51 and had a low price of 83.56.
It is expected that the Fed rates will be cutted down due to which the trade analysts have said that the domestic currency will be trading at the range of 83.20 and 84. On the other hand, the dollar index, which consists of six Asian currencies against the dollar, fell by 0.03% to the price of 105.20.
In the domestic share market, Sensex gained almost 150 points to finish at 76,606.57 points. The NSE Nifty made its all-time high on this day by gaining 58.10 points and it finished the trading session at the price of 23,322.95 points.
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