Rupee gains 7 paise to 83.44 against US dollar in early trade
By Rediff Money Desk, Mumbai Jun 05, 2024 09:36
The Indian rupee appreciated against the US dollar in early trade Wednesday, buoyed by positive cues from domestic equity markets and lower crude oil prices.
Mumbai, Jun 5 (PTI) The rupee recovered from the lower level and appreciated 7 paise to 83.44 against the US dollar in early trade on Wednesday, taking cues from domestic equity markets and lower crude oil prices overseas.
Forex traders said the rush for value-buying triggered an uptrend in equity markets, boosting the local currency which saw a steep decline on Tuesday after the general elections results showed a less-than-expected majority for the BJP-led NDA.
At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close.
On Tuesday, the domestic currency settled at 83.51 against the dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent higher at 104.14.
Brent crude futures, the global oil benchmark, slipped 0.03 per cent to USD 77.50 per barrel.
On the domestic equity market, the 30-share BSE Sensex climbed 172.89 points to 72,251.94 in early trade. The NSE Nifty went up 39.25 points to 21,923.75.
Both the indices ended more than 6 per cent lower on Tuesday amid fear selling after the counting of votes showed disappointing results for the BJP-led NDA in the Lok Sabha elections with the alliance facing losses in its strongholds in the Hindi heartland, although it is expected to form the government with about 290 seats.
Foreign investors were net sellers of Indian equities on Monday as they offloaded shares worth Rs 12,436.22 crore on a net basis. FIIs bought shares worth Rs 26,776.17 crore and sold equities worth Rs 39,212.39 crore in the cash segment.
Forex traders said the rush for value-buying triggered an uptrend in equity markets, boosting the local currency which saw a steep decline on Tuesday after the general elections results showed a less-than-expected majority for the BJP-led NDA.
At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close.
On Tuesday, the domestic currency settled at 83.51 against the dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent higher at 104.14.
Brent crude futures, the global oil benchmark, slipped 0.03 per cent to USD 77.50 per barrel.
On the domestic equity market, the 30-share BSE Sensex climbed 172.89 points to 72,251.94 in early trade. The NSE Nifty went up 39.25 points to 21,923.75.
Both the indices ended more than 6 per cent lower on Tuesday amid fear selling after the counting of votes showed disappointing results for the BJP-led NDA in the Lok Sabha elections with the alliance facing losses in its strongholds in the Hindi heartland, although it is expected to form the government with about 290 seats.
Foreign investors were net sellers of Indian equities on Monday as they offloaded shares worth Rs 12,436.22 crore on a net basis. FIIs bought shares worth Rs 26,776.17 crore and sold equities worth Rs 39,212.39 crore in the cash segment.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 7.99 (+ 1.52)
- 58018780
- Mishtann Foods L
- 9.17 ( -5.17)
- 27555831
- Shree Securities
- 0.42 ( -6.67)
- 27309223
- AvanceTechnologies
- 0.90 ( -4.26)
- 25537567
- Rajnish Wellness
- 1.69 ( -2.87)
- 19267607
MORE NEWS
Dak Sewa is Jan Sewa: India Post to Go Digital,...
India Post is undergoing a digital transformation to become a leading logistics...
E-commerce Safety Pledge: Protecting Online...
Major e-commerce platforms in India commit to a Safety Pledge on Dec 24, aiming to...
Ira Bindra Named Group President of Reliance...
Mukesh Ambani appoints Ira Bindra as Group President for human resources at Reliance...