The Indian rupee experienced a fluctuation at the beginning of trading, on Monday showing a gain of 12 paise and settling at 82.52 against the US dollar. This positive movement was mostly in line with the sentiment observed in markets and domestic stocks.
According to market analysts, the rupee’s trajectory was somewhat tempered by selling pressures from investors. The decrease in global crude oil prices partially offset this negative impact. The rupee started trading at 82.58 against the dollar in the foreign exchange market. Later, it peaked at 82.52, marking an increase of 12 paise compared to its previous closing rate. It is worth noting that the rupee briefly dipped to a low of 82.59 against the dollar during trading. In contrast, on the preceding Friday, the rupee had weakened by 8 paise. Ended at 82.64 against the US dollar.
Anil Kumar Bhansali, an analyst, commented on global market conditions by saying that after Friday’s Jackson Hole Symposium, where Powell expressed a balanced stance, risk assets saw an upswing. This was evident as Dow Jones surged by 247 points, and Asian equities followed suit with momentum.
Bhansali also suggested that we have a week with the release of PMIs, from various countries and the NFPR on Friday. He highlighted the significance of keeping an eye on the rupee’s movement in light of the forthcoming GDP data releases from both the US and India.