The Indian rupee didn’t show movement, against the US dollar at the start of the day. This reflects the influence of rising crude oil prices and the strength of the currency in the market. The rupee began at 83.25 per dollar. There are concerns due to economic factors.
The dollar index, which measures how well the dollar performs against a group of world currencies, saw a 0.26% increase bringing it to 106.39. This rise in the dollar’s strength internationally puts pressure on the rupee.
In the session, the performance of the rupee was rather subdued. Ended at 83.25 against the US dollar.
Financial experts observe that currently, it seems like there is a range between 83.15 and 83.30 where we can expect to find the rupee. However, external pressures such as US DXY (dollar index) US bond yields, increasing oil prices due to tensions in the Middle East, and an unstable domestic stock market resulting in Foreign Portfolio Investment (FPI) outflows all contribute to this situation. The upward trend in crude oil prices also adds to its impact on our currency.
Brent crude oil saw a rise of 0.41%, reaching $87.81 per barrel, while US West Texas Intermediate (WTI) crude experienced a gain of 0.43%, reaching $82.66, per barrel.
In terms of the scene, the stock market, in India experienced a change in direction. Initially showing an increase it later. Entered territory. The BSE Sensex witnessed a decrease of 182.34 points, to 0.28%, settling at 63,930.31. Likewise, the NSE Nifty 50 displayed a decline of 48.55 points 0.25% reaching a value of 19,092.35.
Data from stock exchanges indicated that Foreign Institutional Investors (FIIs) were net sellers in the capital market on the previous day, offloading shares worth ₹1,761.86 crore.
These diverse factors contributed to a complex and cautious start to the day for the Indian rupee in its exchange rate against the US dollar. The currency market is closely monitoring both domestic and global developments, which will continue to influence the rupee’s performance.
Read More: US Dollar Holds Steady at 83.26 Rupees in Flat Trade