Rupee Remains Stable at 83.23 Against US Dollar in Early Trade

Rupee Remains Stable at 83.23 Against US Dollar in Early Trade

VoM News Desk | October 27, 2023 | 10:54 AM IST | Breaking News | Follow on Google News

Rupee Remains Stable at 83.23 Against US Dollar in Early Trade

Rupee Remains Stable at 83.23 Against US Dollar in Early Trade

The Indian rupee maintained its stability in early trading, with the exchange rate against the US dollar remaining flat at 83.23. This resilience came as a result of the dollar’s weakness in international markets and favorable signals from the domestic stock exchanges. The rupee’s opening rate was 1 paise stronger than the previous closing rate of 83.23, commencing the day at 83.22 against the dollar.

Dollar Index and Global Factors

The dollar index, which measures the dollar’s performance against six major world currencies, showed a modest 0.03% decline, reaching 106.57. This decrease in the dollar’s value is attributed to the receding US Treasury yields, following positive economic indicators such as GDP data, durable goods sales orders, and home sales figures, all surpassing expectations. Furthermore, the European Central Bank’s decision to leave its benchmark interest rate unchanged was as anticipated.

Factors Impacting the Rupee

Despite the rupee’s stability against the US dollar, factors like rising global crude oil prices and foreign equity investors’ selling pressure continued to influence the Indian currency. On the previous day, the rupee concluded trading 5 paise weaker at 83.23 against the dollar. Meanwhile, the global benchmark for oil prices, Brent crude, witnessed a notable increase of 1.39%, reaching $89.15 per barrel.

Stock Market Performance

Domestically, the Indian stock market exhibited positive momentum. The Sensex reported a 0.66% rise, equivalent to 419.69 points, reaching 63,567.84. The Nifty, representing a broader range of stocks, experienced a similar 0.66% increase, adding 125.00 points to close at 18,982.25.

Foreign Institutional Investors (FIIs) were observed to be net sellers, with equity sales amounting to ₹7,702.53 crore on the preceding trading day. Despite these fluctuations, the rupee held its ground in early trading, reflecting a dynamic interplay of domestic and global economic factors.

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VoM News Desk

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