Indian Rupee Trades in Narrow Range Against US Dollar Amidst Stronger Greenback

Indian Rupee Trades in Narrow Range Against US Dollar Amidst Stronger Greenback

VoM News Desk | October 30, 2023 | 11:17 AM IST | Breaking News | Follow on Google News

Indian Rupee Trades in Narrow Range Against US Dollar Amidst Stronger Greenback

Indian Rupee Trades in Narrow Range Against US Dollar Amidst Stronger Greenback

Indian rupee opens lower against the US dollar and trades within a narrow range due to a stronger dollar and negative domestic equities.

In early trading on Monday, the Indian rupee traded within a narrow range against the US dollar, influenced by a stronger greenback and negative movements in domestic equities. The rupee opened 1 paise lower at 83.26 against the dollar, compared to its previous close at 83.25.

The US dollar index, which measures the dollar’s strength against a basket of six currencies, was up 0.03% at 106.59. On the previous trading day, the rupee settled at 83.25 against the US dollar, with sustained foreign fund outflows and the strength of the American currency impacting investor sentiment.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, Asian and European currencies remained subdued, with the dollar index hovering around 106.57. Crude oil prices experienced a decline, which provided some support to the rupee. Brent crude fell by 1.36% to $89.25 per barrel, and US West Texas Intermediate crude dropped by 1.54% to $84.22 per barrel.

In the domestic market, stock indices showed volatility amidst weak global cues. The BSE Sensex gained 178.31 points (0.28%) to reach 63,961.11, while the NSE Nifty 50 rose 44.50 points (0.23%) to 19,091.75.

During the week ending October 20, India’s foreign exchange reserves decreased by $2.36 billion, totaling $583.53 billion, according to the Reserve Bank of India data. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, selling shares worth ₹1,500.13 crore, as reported by exchange data.

IIndian Rupee Trades in Narrow Range Against US Dollar Amidst Stronger Greenback: In case of rectification of any error in this Article, Visit on Correction Policy or Register your Query

Disclaimer: The opinions and suggestions provided in this article are those of individual analysts and do not reflect the viewpoints of VoM News. We encourage investors to consult with certified experts before making any investment choices.

VoM News Desk

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