In early Monday trade, the Indian rupee strengthened by 18 paise against the US dollar, reaching 82.77, buoyed by robust domestic equities that achieved record highs. Opening at 82.82 at the interbank foreign exchange, the rupee displayed a notable increase from its previous close. This positive trend marked the eighth consecutive session of strengthening for the rupee, concluding Friday with a gain of 6 paise, closing at 82.95 against the US dollar.
The ongoing inflows are anticipated to persist, with the USDINR pair likely to find substantial support at 82.80. Simultaneously, the dollar index, gauging the greenback’s strength against a basket of six currencies, stood at 102.35. In the global oil market, Brent crude maintained a value of USD 78.54 per barrel.
Turning to the domestic stock market, the 30-share BSE Sensex exhibited a robust performance, trading 707.03 points higher at 73,275.48 points, marking a 0.97 percent increase. The broader NSE Nifty also made significant gains, advancing 178.40 points or 0.81 percent to reach 22,072.95 points.
Foreign Institutional Investors (FIIs) engaged in net selling activities on Friday, offloading shares worth Rs 340.05 crore, according to exchange data. Meanwhile, on the macroeconomic front, government data released on Friday revealed that retail inflation surged to a four-month high of 5.69 percent in December. In the same period, industrial production experienced a decline, reaching an eight-month low of 2.4 percent in November.
The dynamic interplay of factors such as currency movements, equity market performance, and global economic indicators continues to shape the financial landscape in India. With ongoing trends in the currency market and developments in key economic sectors, market participants remain vigilant to potential shifts in the economic landscape.
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