Rupee Rises 8 Paise to 86.85 vs US Dollar - News
The Indian rupee appreciated against the US dollar in early trade on Friday, driven by a retreat in the American currency and positive domestic equity markets. However, foreign fund withdrawal and higher crude oil prices continue to weigh on the local unit.
Illustration: Dominic Xavier/Rediff.com
Mumbai, Feb 14 (PTI) The rupee appreciated 8 paise to 86.85 against the US dollar in early trade on Friday as the American currency retreated from elevated level and domestic equity markets shows favourable trend.
The local unit, however, remained under pressure due to unabated foreign fund withdrawal and higher crude oil prices, forex traders said.
At the interbank foreign exchange, the rupee opened at 86.86 and gained further ground to trade at 86.85 against the greenback during early deals, up 8 paise from its previous close.
On Thursday, the rupee settled almost flat with a gain of just 2 paise at 86.93 against the US dollar. The unit had closed 16 paise lower on Wednesday, a day after surging 66 paise, witnessing the highest single-day rise in nearly two years.
The domestic unit has been facing extreme volatility for the past few months due to several global macroeconomic uncertainties.
Finance Minister Nirmala Sitharaman on Thursday said the rupee along with other Asian currencies has depreciated against the US dollar on account of uncertainty pervading the global macroeconomy.
"Quarter four of 2024, certainly witnessed extensive currency-related volatility across major countries, not just India. Indian rupee, like other Asian currencies, depreciated against the US dollar on account of uncertainty pervading the global macro economy," Sitharaman said in her reply to a discussion on the Union Budget 2025-26 in Rajya Sabha.
She said that the US Dollar Index rose to 6.5 per cent during October 21, 2024 to January 27, 2025.
Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent lower at 107.03.
Brent crude, the global oil benchmark, rose 0.19 per cent to USD 75.16 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex was trading 154.54 points, or 0.20 per cent, higher at 76,293.51 points, while the Nifty was up 55.55 points, or 0.24 per cent, at 23,086.95 points.
Foreign institutional investors (FIIs) offloaded equities worth Rs 2,789.91 crore on net basis on Thursday, according to exchange data.
The local unit, however, remained under pressure due to unabated foreign fund withdrawal and higher crude oil prices, forex traders said.
At the interbank foreign exchange, the rupee opened at 86.86 and gained further ground to trade at 86.85 against the greenback during early deals, up 8 paise from its previous close.
On Thursday, the rupee settled almost flat with a gain of just 2 paise at 86.93 against the US dollar. The unit had closed 16 paise lower on Wednesday, a day after surging 66 paise, witnessing the highest single-day rise in nearly two years.
The domestic unit has been facing extreme volatility for the past few months due to several global macroeconomic uncertainties.
Finance Minister Nirmala Sitharaman on Thursday said the rupee along with other Asian currencies has depreciated against the US dollar on account of uncertainty pervading the global macroeconomy.
"Quarter four of 2024, certainly witnessed extensive currency-related volatility across major countries, not just India. Indian rupee, like other Asian currencies, depreciated against the US dollar on account of uncertainty pervading the global macro economy," Sitharaman said in her reply to a discussion on the Union Budget 2025-26 in Rajya Sabha.
She said that the US Dollar Index rose to 6.5 per cent during October 21, 2024 to January 27, 2025.
Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent lower at 107.03.
Brent crude, the global oil benchmark, rose 0.19 per cent to USD 75.16 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex was trading 154.54 points, or 0.20 per cent, higher at 76,293.51 points, while the Nifty was up 55.55 points, or 0.24 per cent, at 23,086.95 points.
Foreign institutional investors (FIIs) offloaded equities worth Rs 2,789.91 crore on net basis on Thursday, according to exchange data.
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