Rupee Appreciates 9 Paise on Fresh Foreign Fund Inflows and Expectations of Better Macroeconomic Data
The Indian rupee appreciated 9 paise to close at 82.94 (provisional) against the US dollar on Tuesday, amid fresh foreign fund inflows and expectations of better macroeconomic data.
Forex traders said the rupee appreciated on Tuesday as domestic markets hit fresh record highs after Nifty breached the 20,000-mark for the first time on Monday.
The rupee also benefited from the central bank’s dollar selling ahead of the inflation data. The expectation of ease in India’s inflation numbers and better industrial output, which will be released after the market closes, also supported the rupee.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 104.76. However, the impact of this on the rupee was limited due to the supportive factors mentioned above.
Brent crude futures, the global oil benchmark, advanced 0.81 per cent to USD 91.37 per barrel. This could put some upward pressure on the rupee in the coming days, as India is a net importer of oil.
On the domestic equity market front, the BSE Sensex closed 94.05 points or 0.14 per cent higher at 67,221.13 points. The broader NSE Nifty declined 3.15 points or 0.02 per cent to 19,993.20.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs 1,473.09 crore, according to exchange data. This is also a positive sign for the rupee, as it suggests that foreign investors are bullish on the Indian economy.
- 22 Sep
GBP/USD Expected to Slide Towards 1.22, GBPINR Expected to Move Towards 101.40
GBP/USD and GBP/INR Expected to Weaken The British pound is expected to weaken against the US dollar and the Indian rupee in the near term. The GBP/USD pair is expected to slide towards 1.22 as long as it trades under 1.2350, while the GBP/INR pair is expected to move towards 101.40 as long as it trades below 102.50. This is based on technical analysis, which is a method of forecasting future price movements based on historical price patterns and trends.
- 21 Sep
ICICI Direct’s currency report on USDINR
he rupee appreciated against the US dollar on Wednesday, supported by easing crude oil prices and likely dollar selling by the Reserve Bank of India (RBI). USDINR is expected to rise towards 83.30, as long as it holds above 82.80. The hawkish comments from the US Federal Reserve are likely to support the dollar. USDINR is expected to find support near 83.00 and move towards 83.40. A move above 83.40 would open the doors towards 83.60.
- 13 Sep
Rupee Appreciates Marginally on Tuesday, But Gains Capped by Strong Dollar and Higher Crude Prices
The rupee rose slightly against the dollar on Tuesday, but its gains were limited by a stronger dollar and higher oil prices. The rupee is expected to trade in a narrow range on Tuesday as investors await key economic data from India and the US.
- 12 Sep
Rupee Ends Weaker Despite Dollar Correction, Strong Equities
The Indian rupee depreciated against the US dollar on Tuesday, tracking gains in the greenback. The rupee closed at 83.09 per dollar, down 0.12% from its previous close. The dollar index, which measures the value of the dollar against a basket of six major currencies, rose 0.1% to 92.32. The rupee was weighed down by the rising crude oil prices and the upcoming inflation data. The Reserve Bank of India (RBI) is scheduled to release the inflation data for August on Wednesday. The inflation is expected to remain above the RBI's higher limit of 6%.
- 11 Sep
Rupee expected to appreciate towards 82.80
The Indian rupee is expected to appreciate towards 82.80, as long as it trades below 83.20. The rupee gained on Friday amid likely support from the RBI, but higher crude oil prices and strength in the dollar index restricted it to appreciate below 82.90. Investors will be eyeing this week's key inflation numbers, which may provide more clues for the future interest rate path.