Rupee Gains Marginally Against US Dollar Amid Positive Market Trends

Rupee Gains Marginally Against US Dollar Amid Positive Market Trends

VoM News Desk | December 4, 2023 | 12:38 PM IST | Breaking News | Follow on Google News

Rupee Gains Marginally Against US Dollar Amid Positive Market Trends

Rupee Gains Marginally Against US Dollar Amid Positive Market Trends

The Indian rupee showed a slight appreciation in its value against the US dollar in early trade on Monday, with a 2 paise rise to 83.27. This uptick is linked to the positive trends in the domestic equity markets and an influx of foreign funds. The opening was slightly stronger at 83.26 a dollar, compared to the previous close of 83.29 on Friday.

Influences on the Rupee’s Performance

The dollar index, a measure of the US dollar’s performance against six other major currencies, saw a slight decrease of 0.05% to 103.21. Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, anticipates the rupee to trade within a narrow range, with a tendency towards appreciation. This expectation is based on continuing inflows, including IPOs and FDIs, particularly following the Prime Minister Narendra Modi’s significant electoral victory. However, the demand for the US dollar is expected to remain due to various factors.

Key Events and Oil Prices Impacting the Market

The market is currently awaiting the Reserve Bank of India’s (RBI) monetary policy announcement on December 8, alongside the non-farm payroll data from the US, which will be released on the same day. Meanwhile, Brent crude futures, a global benchmark for oil prices, witnessed a decline of 0.95% to $78.13 per barrel.

Domestic Market Trends and FII Activity

In the domestic sphere, Indian stock market indices were trading at record highs on Monday. The BSE Sensex was up by 966.06 points, or 1.43%, at 68,447.25, while the NSE Nifty jumped 305.70 points, or 1.51%, to 20,573.60. Contributing to this positive trend, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, purchasing shares worth ₹1,589.61 crore, as per exchange data.

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VoM News Desk

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