Rupee Holds Steady Against US Dollar Amid Global Cues

Rupee Holds Steady Against US Dollar Amid Global Cues

VoM News Desk | November 23, 2023 | 01:09 PM IST | Breaking News | Follow on Google News

Rupee Holds Steady Against US Dollar Amid Global Cues

Rupee Holds Steady Against US Dollar Amid Global Cues

In recent trading activity, the Indian rupee has remained relatively stable, hovering around 83.33 against the US dollar. This stability comes amidst adjustments in global crude oil prices and persistent demand for the dollar among importers and domestic oil companies. The rupee’s opening was slightly stronger at 83.29 a dollar, a marginal rise from its previous close of 83.32.

Dollar Index and Rupee’s Performance

The dollar index, a measure of the US dollar’s value against six other major currencies, saw a slight decline of 0.17% to 103.74. This follows a strengthening of the greenback on Wednesday, influenced by better-than-expected US jobless claims data.

Market Influences and Predictions

Analysts foresee a relatively calm trading session for the rupee due to subdued dollar activity, attributed to the Thanksgiving holiday in the US. Gaurang Somaiya of Motilal Oswal Financial Services anticipates a potential appreciation of the rupee in the near term, bolstered by IPO inflows and a weakening dollar trend.

Impact of Crude Oil Prices

The rupee’s steadiness is also supported by a significant drop in crude oil prices. Brent crude saw a decline of 1.29% to $80.90 per barrel, while US West Texas Intermediate crude dropped 1.14% to $76.22 a barrel.

Domestic Equity Market Trends

In the domestic equity market, the Sensex and Nifty 50 exhibited marginal gains amid mixed global signals. Sensex increased by 31.62 points to 66,054.86, while Nifty 50 rose slightly by 1.60 points to 19,813.45. However, Foreign Institutional Investors (FIIs) were net sellers in the capital market, offloading shares worth ₹306.56 crore.

VoM News Desk

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