Indian Rupee Marginally Lower Against US Dollar Amidst Global Factors

Indian Rupee Marginally Lower Against US Dollar Amidst Global Factors

VoM News Desk | November 17, 2023 | 11:25 AM IST | Breaking News | Follow on Google News

Indian Rupee Marginally Lower Against US Dollar Amidst Global Factors

Indian Rupee Marginally Lower Against US Dollar Amidst Global Factors

The Indian rupee experienced a slight decline, trading 2 paise lower at 83.25 against the US dollar on Friday. This movement was influenced by the strength of the US dollar in global markets and other economic factors.

The local currency opened at 83.23 against the dollar, almost flat compared to its previous closing value. On Thursday, the rupee had closed at 83.23 against the greenback.

Influences from the Dollar Index and Crude Oil Prices

The dollar index, measuring the US dollar’s performance against six other major currencies, remained stable at 104.35. Fluctuations in crude oil prices also played a role in the rupee’s performance. Despite an overnight plunge in crude oil prices, the fall of the rupee was somewhat restricted.

Market Analysts’ Outlook

ICICI Direct expects the rupee to appreciate towards the 83.00 mark, given the correction in the dollar value and falling crude oil prices. However, they also noted that the rupee’s movement is contingent on remaining below the 83.30 level, with a further decline potentially leading it towards 82.80.

Brent Crude Futures’ Performance

Brent crude futures showed some recovery, trading higher by 0.12% at $77.51 per barrel. The previous day witnessed a sharp decline of up to 5%, marking a four-month low due to concerns over global oil demand prompted by weak US jobs data.

Domestic Equity Market Trends

On the domestic front, Indian equity markets were relatively flat. The Sensex marginally rose by 4.39 points, while the Nifty 50 increased by 28.55 points.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday, purchasing shares worth ₹957.25 crore.

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VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.