Tuesday, February 7, 2023

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Rupee increases 34 paise against US dollar to close at 81.38

Rupee vs Dollar: The rupee on Wednesday strengthened by 34 paise to settle at 81.38 (provisional), as a weaker US dollar in the international market and a surge in domestic shares improved investor mood.

The local unit against the dollar started the day at 81.63 on the interbank foreign exchange market and fluctuated between an intraday high of 81.38 and a low of 81.64.

The local currency eventually finished at 81.38, up 34 pence from its previous closing. The rupee lost 4 paise on Tuesday to end the day at 81.72 against the US dollar.

According to Dilip Parmar, Research Analyst at HDFC Securities, the Indian rupee recorded its first monthly gains in the previous eleven months as a result of a recovery in risk assets, declining crude oil prices, and foreign money inflows.

“It is poised to end the month 1.6 per cent higher, its biggest gain since August 2021,” Parmar said.

The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.29 percent to 106.51.

Parmar claims that the persistent demand for riskier assets and investor speculation that China may progressively relax its COVID limitations caused the dollar index to decline. Brent crude futures, the benchmark for all crude oil, increased 2.13 percent to USD 84.80 per barrel.

Forex traders predicted that investors would pay close attention to Chairman of the US Federal Reserve Jerome Powell’s speech and the publication of significant domestic macroeconomic data for additional clues.

Later in the day, figures on the domestic GDP for the second quarter, the fiscal deficit for the period of April to October, and information on the core economy are expected to be made public.

The 30-share BSE Sensex increased by 417.81 points or 0.67 percent to close at 63,099.65 on the domestic equities market, while the larger NSE Nifty increased by 140.30 points or 0.75 percent to close at 18,758.35.

According to exchange data, foreign institutional investors (FIIs) were net purchasers on Tuesday, purchasing shares worth Rs 1,241.57 crore.

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