Indian Rupee Depreciates Slightly Against US Dollar Amid Global Factors

Indian Rupee Depreciates Slightly Against US Dollar Amid Global Factors

VoM News Desk | November 3, 2023 | 12:08 PM IST | Breaking News | Follow on Google News

Indian Rupee Depreciates Slightly Against US Dollar Amid Global Factors

Indian Rupee Depreciates Slightly Against US Dollar Amid Global Factors

The Indian rupee experienced a minor depreciation, weakening by 2 paise to reach 83.26 against the US dollar during the morning trading session on Friday. This depreciation can be attributed to the robust performance of the US dollar in the international currency market, alongside consistent foreign fund outflows.

Dollar Index Slightly Lower; Fed Rate Hike Speculation

The dollar index, which assesses the strength of the US dollar against a basket of six major currencies, showed a marginal decline of 0.01%, settling at 106.11. Market participants have been speculating that the US Federal Reserve may have concluded its series of interest rate hikes, leading to some relief for the dollar index.

Rupee Range Expectation and RBI Intervention

Financial experts anticipate that the Indian rupee is likely to remain within its current range as the Reserve Bank of India (RBI) continues to intervene by selling US dollars to prevent significant depreciation beyond 83.30.

Global Oil Prices and Stock Market Performance

Brent crude futures, the international benchmark for oil prices, saw a modest increase of 0.36% to reach $87.16 per barrel. In the domestic stock market, both the BSE Sensex and the NSE Nifty demonstrated positive momentum, with the Sensex trading 0.64% higher and the Nifty advancing by 0.67%.

Foreign Institutional Investors (FIIs) Activity

On Thursday, Foreign Institutional Investors (FIIs) turned net sellers in the capital markets as they divested shares worth ₹1,261.19 crore. This information was based on data from exchanges.

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VoM News Desk

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