On Thursday, the Indian rupee saw a depreciation in the INR vs USD rate, as the domestic currency fell down by 7 paise to finish at the price of 83.55. This happened on the same day when both of the domestic equity markets touched their all-time high. The Forex traders revealed that the reveal of the CPI by India and the Fed rates allowed the INR vs USD rate to fall down.
Although they even said that the Indian rupee was completely resilient against the US dollar, and it also had a high volatility rate. In the Interbank Foreign Exchange, it was reported that the domestic currency made a high of 83.48 and ended up at the price of 83.55, falling by 7 paise as compared to the previous day value.
The Dollar Index, which consists of six Asian currencies against the Dollar, also gained 0.17% and showcased a greenback strength to finish up at the price of 104.81. On the other hand, the global oil benchmark, Brent Crude Futures, also declined by 0.84% and ended up at the price of 81.91 US dollars per barrel.
Having a look at the macroeconomic industrial front of the country, India saw a three-month low of 5% in production growth, which might be concerning for the industrialists. Retail inflation also hit its 1 year low by declining 4.75%, which mainly happened due to a fall in food basket prices.
In the Indian share market, Sensex gained 204.33 points, which allowed it to settle near its high point at the price of 76,810.90 points. On the other hand, the 50 share Nifty also gained 75.95 points or 0.33% to close at the value of 23,398.80 points.
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