Rupee Trades 4 Paise Higher at 82.96 Against the US Dollar

Rupee Trades 4 Paise Higher at 82.96 Against the US Dollar Image/PTI

Rupee Trades 4 Paise Higher at 82.96 Against the US Dollar

The rupee kicked off the week on a stronger note, opening 4 paise higher at 82.96 against the US dollar on Monday. This upward momentum was attributed to the weakening of the American currency in international markets and continuous inflows of foreign funds.

Despite this positive start, the dollar index, representing the dollar’s value against six global currencies, displayed a 0.08% decline at 102.10.33. However, the rupee’s progress was limited due to a subdued trend in the domestic stock markets and the escalating prices of crude oil.

In the prior trading session on Friday, the rupee made significant gains, surging by 33 paise to settle at 83.00 against the dollar. This surge marked the most substantial single-day advancement in over eight months.

Anand James, Chief Market Strategist at Geojit Financial Services, cautioned about potential fluctuations in the currency’s value.

He advised vigilance in the face of sustained failure to surpass 83.4, warning that a slip below 83.02 might expose levels around 82.78. Conversely, a rebound above 83.19 would reinstate a positive bias for further upside movement.

The rupee’s early ascent against the dollar showcased signs of strength, supported by a weaker dollar performance in global markets and continuous foreign investments.

Yet, challenges persisted with subdued local equities and the soaring prices of crude oil putting a cap on the rupee’s gains. Analyst insights highlighted the need for caution in the currency’s movement, emphasizing crucial levels that might dictate its future trajectory.

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