Rupee Trades 3 Paise Higher at 83.30 Against US Dollar

Rupee Trades 3 Paise Higher

VoM News Desk | December 15, 2023 | 11:54 AM IST | Breaking News | Follow on Google News

Rupee Trades 3 Paise Higher at 83.30 Against US Dollar

Rupee Trades 3 Paise Higher at 83.30 Against US Dollar

The Indian rupee strengthened against the US dollar Friday, buoyed by a weaker greenback and positive domestic cues. The local currency closed 3 paise higher at 83.30 per dollar, after opening at 83.31.

Weakness in the Dollar: A key factor behind the rupee’s rise was a softer US dollar index, which fell 0.02%. This decline was spurred by dovish signals from the US Federal Reserve, hinting at potential rate cuts next year. Additionally, 10-year US Treasury yields dipped below 4%, further weakening the greenback.

Domestic Support: Positive domestic developments also contributed to the rupee’s gains. Foreign fund inflows into the capital market provided crucial support, with FIIs net buying shares worth ₹3,570 crore on Thursday. Additionally, strong gains in domestic equities, with both Sensex and Nifty touching record highs, boosted sentiment.

Oil Price Headwind: However, a recovery in crude oil prices, with Brent crude rising 0.52%, partially offset the positive sentiment and prevented the rupee from appreciating further.

Overall, the Indian rupee’s gain on Friday reflects a combination of favorable external and domestic factors. While rising oil prices pose a challenge, the positive outlook is expected to continue supporting the rupee in the near term.

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VoM News Desk

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