Indian Rupee Gains Marginally Against US Dollar Amidst Middle East Concerns

Indian Rupee Gains Marginally Against US Dollar Amidst Middle East Concerns

VoM News Desk | October 10, 2023 | 10:20 AM IST | Breaking News | Follow on Google News

Indian Rupee Gains Marginally Against US Dollar Amidst Middle East Concerns

Indian Rupee Gains Marginally Against US Dollar Amidst Middle East Concerns

The Indian rupee saw a slight uptick, rising 2 paise to trade at 83.24 against the US dollar in early trade on Tuesday. This gain was attributed to positive trends in the equity market, although concerns lingered over the ongoing conflict in the Middle East.

At the interbank foreign exchange market, the rupee opened 3 paise higher at 83.23 per dollar, compared to its previous close of 83.26. The dollar index, which measures the greenback’s strength against a basket of six major currencies, showed a minimal decline of 0.02%, settling at 106.07.

While the rupee exhibited a modest rise in early trading, Gaurang Somaiya, a forex and bullion analyst at Motilal Oswal Financial Services, anticipated that the USD-INR (Spot) would remain in a sideways trend, fluctuating within the range of 83.05 and 83.40.

Concerns over the Middle East conflict, particularly the ongoing tension between Israel and Hamas, have prompted fears of a broader regional conflict. In the backdrop of these concerns, Brent crude futures, the global oil benchmark, experienced a 0.35% decrease, falling to $87.84 per barrel.

On the domestic front, India’s equity market performed well, with the 30-share BSE Sensex registering a gain of 309.97 points or 0.47%, reaching 65,822.36 points. Meanwhile, the broader NSE Nifty 50 also advanced by 94 points or 0.48%, reaching 19,606.35 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on the previous trading day, offloading shares valued at ₹997.76 crore, according to exchange data.

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