Rupee Gains 2 Paise, Trading at 83.24 Against the US Dollar

Rupee Gains 2 Paise, Trading at 83.24 Against the US Dollar

VoM News Desk | October 16, 2023 | 11:04 AM IST | Breaking News | Follow on Google News

Rupee Gains 2 Paise, Trading at 83.24 Against the US Dollar

Rupee Gains 2 Paise, Trading at 83.24 Against the US Dollar

The Indian rupee opened 2 paise higher against the US dollar on Monday, starting at 83.24 to a dollar, up from the previous close of 83.26. This uptick was supported by positive macroeconomic data, which included falling domestic inflation, improved industrial production figures, and a better trade deficit.

Indian Rupee Opens Slightly Higher Amid Positive Macroeconomic Data

Key points:

• The US dollar index, which measures the dollar’s strength against a basket of six currencies, was trading down by 0.10% at 106.53.
• The rupee benefited from positive economic data and Reserve Bank of India (RBI) intervention, keeping it in a range between 83.05 and 83.30.
• However, geopolitical tensions, particularly the Israel-Hamas conflict, contributed to some uncertainty.

In the broader financial context:

• Brent crude futures, the global oil benchmark, rose by 0.11% to $90.99 per barrel.
• In the domestic stock market, the BSE Sensex was trading 24.70 points or 0.04% lower at 66,258.04, while the NSE Nifty was down 1.65 points or 0.01% at 19,749.40.
• Foreign Institutional Investors (FIIs) were net buyers in the capital markets, purchasing shares worth ₹317.01 crore on the previous trading day.
• The country’s foreign exchange reserves declined by $2.166 billion to $584.742 billion for the week ending October 6, according to the Reserve Bank of India.

Recent economic data showed India’s retail inflation easing to a three-month low of 5% in September, while factory output in August surged to a 14-month high of 10.4%.

Please note that foreign exchange rates can be influenced by various factors, including economic data, geopolitical events, and market sentiment.

VoM News Desk

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