Rupee rebounds 23 paise to close at 7364 against US dollar
Mumbai Sep 23 PTI The rupee rebounded by 23 paise to close at 7364 against the US dollar on Thursday following an improved risk appetite among investors triggered by positive global cues Investors globally took the US Fed statement of starting tapering as soon as November in their stride and encouraging news on Chinas Evergrande crisis also helped to clear some uncertainty on the global front analysts said At the interbank forex market the local unit opened flat at 7385 against the greenback During the session it witnessed an intra-day high of 7361 and finally settled at 7364 Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies fell 029 per cent to 9319 The Indian rupee erased Wednesdays loss tracking cues from regional currencies and a surge in global equities after the US Federal Reserves meeting Globally risk is looking fairly balanced with two large events of the week FOMC and Evergrande chaos seem to be behind said Dilip Parmar Research Analyst HDFC Securities According to Gaurang Somaiyaa Forex and Bullion Analyst Motilal Oswal Financial Services the rupee opened on a flat note and rose in the latter half of the session following gains in domestic equities and some retracement in the dollar against its major crosses On Wednesday the US Federal Reserve held rates unchanged and announced it will likely begin reducing its monthly bond purchases as soon as November The focus now will be on the preliminary US manufacturing PMI number and better-than-expected number could support the dollar at lower levels We expect the USDINR Spot is expected to trade with a positive bias and quote in the range of 7340 and 7405 Somaiyaa added Brent crude futures the global oil benchmark fell 010 per cent to USD 7611 per barrel On the domestic equity market front the BSE Sensex ended 95803 points or 163 per cent higher at 5988536 while the broader NSE Nifty advanced 27630 points or 157 per cent to 1782295 PTI DRR MKJ
Mumbai Sep 23 PTI The rupee rebounded by 23 paise to close at 7364 against the US dollar on Thursday following an improved risk appetite among investors triggered by positive global cues Investors globally took the US Fed statement of starting tapering as soon as November in their stride and encouraging news on Chinas Evergrande crisis also helped to clear some uncertainty on the global front analysts said At the interbank forex market the local unit opened flat at 7385 against the greenback During the session it witnessed an intra-day high of 7361 and finally settled at 7364 Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies fell 029 per cent to 9319 The Indian rupee erased Wednesdays loss tracking cues from regional currencies and a surge in global equities after the US Federal Reserves meeting Globally risk is looking fairly balanced with two large events of the week FOMC and Evergrande chaos seem to be behind said Dilip Parmar Research Analyst HDFC Securities According to Gaurang Somaiyaa Forex and Bullion Analyst Motilal Oswal Financial Services the rupee opened on a flat note and rose in the latter half of the session following gains in domestic equities and some retracement in the dollar against its major crosses On Wednesday the US Federal Reserve held rates unchanged and announced it will likely begin reducing its monthly bond purchases as soon as November The focus now will be on the preliminary US manufacturing PMI number and better-than-expected number could support the dollar at lower levels We expect the USDINR Spot is expected to trade with a positive bias and quote in the range of 7340 and 7405 Somaiyaa added Brent crude futures the global oil benchmark fell 010 per cent to USD 7611 per barrel On the domestic equity market front the BSE Sensex ended 95803 points or 163 per cent higher at 5988536 while the broader NSE Nifty advanced 27630 points or 157 per cent to 1782295 PTI DRR MKJ
