Rupee Rises 5 Paise to 83.45 vs US Dollar - July 5
By Rediff Money Desk, Mumbai Jul 05, 2024 09:54
The Indian rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, supported by foreign fund inflows and a retreating American currency.
![Rupee Rises 5 Paise to 83.45 vs US Dollar - July 5](https://im.rediff.com/money/2016/oct/06rupee.jpg)
Mumbai, Jul 5 (PTI) The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows.
At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close.
On Thursday, the rupee pared its initial losses and settled for the day on an almost flat note at 83.50 against the US dollar.
Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel.
"The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee's volatility, capping both its upward and downward movements," CR Forex Advisors MD Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105, lower by 0.12 per cent.
"The Dollar Index fell towards 105 levels and US 10-year bond yields dropped towards 4.35 per cent, as a series of economic data showed a cooling US economy, thereby heightening the expectations that the US Fed will cut rates sometime soon," Pabari added.
On the domestic equity market front, the 30-share BSE Sensex fell 386.58 points, or 0.48 per cent, to 79,663.09 points. The broader NSE Nifty declined 84.85 points, or 0.35 per cent, to 24,217.30 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 2,575.85 crore, according to exchange data.
At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close.
On Thursday, the rupee pared its initial losses and settled for the day on an almost flat note at 83.50 against the US dollar.
Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel.
"The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee's volatility, capping both its upward and downward movements," CR Forex Advisors MD Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105, lower by 0.12 per cent.
"The Dollar Index fell towards 105 levels and US 10-year bond yields dropped towards 4.35 per cent, as a series of economic data showed a cooling US economy, thereby heightening the expectations that the US Fed will cut rates sometime soon," Pabari added.
On the domestic equity market front, the 30-share BSE Sensex fell 386.58 points, or 0.48 per cent, to 79,663.09 points. The broader NSE Nifty declined 84.85 points, or 0.35 per cent, to 24,217.30 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 2,575.85 crore, according to exchange data.
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.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- G G Engineering
- 2.63 ( -4.71)
- 83921949
- GTL Infrastructure
- 4.15 (+ 4.80)
- 74393630
- NCL Research
- 1.32 ( -4.35)
- 47394253
- Alstone Textiles
- 0.93 ( -4.12)
- 45981665
- Biogen Pharmachem
- 1.75 (+ 19.05)
- 38596203
MORE NEWS
![Veg Thali Price...](https://im.rediff.com/80-80/money/2020/jan/31thali.jpg)
Veg Thali Price Jumps 10% in June: Crisil Report
The average cost of a vegetarian thali rose 10% in June due to higher onion, potato,...
![Nilesh Shah:...](https://im.rediff.com/80-80/money/2016/may/12kotak.jpg)
Nilesh Shah: Encourage Investment, Curb...
Nilesh Shah, EAC-PM member, advocates for promoting long-term investment and...
![Raymond Shares...](https://im.rediff.com/80-80/money/2018/mar/12realty.jpg)
Raymond Shares Hit 52-Week High, Rally Over 17%...
Raymond shares surged over 17% on Friday after the textile major announced a demerger...