On Friday, the Indian rupee showcased a narrow range movement across the INR vs USD rate, falling down by 2 paise by the end of the trading session and finishing at the price of 83.56. This happened due to the strong movement in the domestic market and the fall in the price of Crude Futures, which strengthened the domestic currency.
But on the other hand, the US dollar was also strong and the FII outflows also prevented INR vs USD rate from increasing and secured sharp gains. Various Forex traders even said that the Indian rupee is now being resilient against the dollar and might gain soon. In the Interbank Foreign Exchange, the domestic currency opened at the price of 83.54 and ended up 2 paise lower at the price of 83.56.
This also went as a continuation of the downward movement caused to the domestic currency on Thursday, as it fell down by 6 paise. On the other hand, the dollar index which comprises six Asian currencies against the US dollar again showcased a greenback strength. It was able to gain 0.40% to finish at the price of 105.61. As discussed earlier, the Brent Crude Futures also fell down by 0.12% to finish at 82.65 US dollar per barrel.
Having a look at the domestic macroeconomic front, the merchandise sales rose in India by 9% in May, and the imports also saw an incredible increase of 7.7%, reaching a price of 61.91 billion US dollars. In the domestic equity market, the greenback strength continued as most of the equity markets finished above their opening price.
The BSE Sensex, which comprises 30 stocks increased by 181.87 points to finish up at the price of 76,992.77 points. NSE Nifty, which comprises 50 shares also gained 66.70 points or 0.29% to end up at the price of 23,465.60 points.
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