Indian Rupee Gains 11 Paise Amidst Global Trends

Indian Rupee Gains 11 Paise Amidst Global Trends

VoM News Desk | November 6, 2023 | 01:27 PM IST | Breaking News | Follow on Google News

Indian Rupee Gains 11 Paise Amidst Global Trends

Indian Rupee Gains 11 Paise Amidst Global Trends

The Indian rupee strengthened by 11 paise to reach 83.18 against the US dollar. This gain came in response to sharp advances in Asian currencies due to falling US treasury yields and a weakening US dollar. Market sentiment was influenced by bets that the US Federal Reserve would likely pause its interest rate hikes.

Dollar Index and US Treasury Yields

The dollar index, which measures the dollar’s strength against a basket of six currencies, experienced marginal gains. Meanwhile, US treasury yields fell, indicating a slowdown in the country’s labor market. The 10-year US treasury yield stood at 4.57% in Asia, considerably lower than the previous month’s peak above 5%.

Friday’s Performance and Market Outlook

On the previous trading day, the Indian rupee ended 5 paise lower at 83.29 against the US dollar. Market analysts are closely monitoring the services PMI from the eurozone, as better-than-expected data could lead to further gains for the rupee.

In the domestic equity market, the BSE Sensex and NSE Nifty posted gains. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday.

VoM News Desk

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