Rupee Slips Marginally to 90.92 Against US Dollar
Indian rupee fell slightly on Thursday, and came down 1 paisa to close at 90.92 (provisional) to the US dollar as it was pushed by the increasing global oil prices and the American currency which was relatively strong. Although the fall was softened by the steady inflow of foreign funds, according to forex market participants, the fall would have cost even more, had it not been cushioned by their entire inflow.
On interbank foreign exchange market, the rupee started at 90.86 to the dollar and traded in a narrow margin of 90.81 to 90.93 during the trading week. It would later close at 90.92 which is slightly below its previous close. At the close of Wednesday, the currency had gained 4 pais at 90.91, indicating to a considerable extent of range movement in the last two days.
According to the traders, in the short run USD-INR spot rate is expected to range between 90.60 and 91.20 based on global signals, crude price movements and capital flows.
The dollar index that tracks how the greenback performs against a blend of six major currencies fell by 0.03 percent at 97.73, which is weak in helping emerging market currencies. Brent crude futures were also up by 0.21 percent to USD 71.00 per barrel, which put pressure on the oil-importing countries such as India.
DME market sentiment remained split on the domestic equity side. The Sensex fell in 27.46 points to close at 82,248.61 and the Nifty increased marginally by 14.05 points to 25,496.55.
On Wednesday buying underlying support was also lent by foreign institutional investors who were net buyers, buying equities to the tune of ₹2,991.64 crore, exchange data showed.
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