Rupee rebounds 27 paise to 7533 against US dollar
Mumbai Feb 25 PTI The rupee appreciated by 27 paise to close at 7533 against the US dollar on Friday in line with regional currencies following a retreat in crude oil prices and a rebound in domestic equities At the interbank forex market the local unit opened at 7531 against the greenback and witnessed an intra-day high of 7518 and a low of 7546 The rupee finally ended at 7533 registering a gain of 27 paise over its previous close On Thursday the rupee had tanked 99 paise to close at 7560 against the US dollar as riskier assets took a hit after Russia launched military operations against Ukraine Meanwhile European Union leaders are putting up a united front and have agreed on a second package of economic and financial sanctions against Russia The dollar index which measures the greenbacks strength against a basket of six currencies inched up 001 per cent to 9714 Brent crude futures the global oil benchmark was trading 107 per cent higher at USD 10014 per barrel Calmness returned to forex markets as participants assessed the fallout of Russias invasion of Ukraine and focused shifted back to Federal Reserve Weaker-than-expected US sanctions on Russia supported market sentiment said Dilip Parmar Research Analyst HDFC Securities Rupee in line with regional currencies gained following a retreat in crude oil prices from an eight-year high along with rebound in domestic equities However the bias for spot USD-INR remains bullish as long as it holds 7480 while on the higher side 7575 becomes the biggest hurdle Parmar said On the domestic equity market front the BSE Sensex ended 132861 points or 244 per cent higher at 5585852 while the broader NSE Nifty surged 41045 points or 253 per cent to 1665840 Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 644824 crore as per stock exchange data On Friday volatility remained low as market participants remained on the sidelines and waited for more clarity on the ongoing tension between Russia and Ukraine From the US focus will be on the core PCE index number and a higher number could support the dollar at lower levels We expect the USD-INR Spot to trade sideways with a positive bias and quote in the range of 7540 and 7605 said Gaurang Somaiya Forex and Bullion Analyst Motilal Oswal Financial Services According to Sriram Iyer Senior Research Analyst at Reliance Securities the rupee appreciated against the US dollar tracking the strength of regional currencies and equities On a weekly basis the rupee has depreciated 67 paise against the American currency as oil prices spiked following Russias invasion of Ukraine The Rupee also took cues from weak domestic equities which fell for the third consecutive week due to continuous selling pressure from foreign investors Iyer noted PTI DRR DRR ABM ABM
Mumbai Feb 25 PTI The rupee appreciated by 27 paise to close at 7533 against the US dollar on Friday in line with regional currencies following a retreat in crude oil prices and a rebound in domestic equities At the interbank forex market the local unit opened at 7531 against the greenback and witnessed an intra-day high of 7518 and a low of 7546 The rupee finally ended at 7533 registering a gain of 27 paise over its previous close On Thursday the rupee had tanked 99 paise to close at 7560 against the US dollar as riskier assets took a hit after Russia launched military operations against Ukraine Meanwhile European Union leaders are putting up a united front and have agreed on a second package of economic and financial sanctions against Russia The dollar index which measures the greenbacks strength against a basket of six currencies inched up 001 per cent to 9714 Brent crude futures the global oil benchmark was trading 107 per cent higher at USD 10014 per barrel Calmness returned to forex markets as participants assessed the fallout of Russias invasion of Ukraine and focused shifted back to Federal Reserve Weaker-than-expected US sanctions on Russia supported market sentiment said Dilip Parmar Research Analyst HDFC Securities Rupee in line with regional currencies gained following a retreat in crude oil prices from an eight-year high along with rebound in domestic equities However the bias for spot USD-INR remains bullish as long as it holds 7480 while on the higher side 7575 becomes the biggest hurdle Parmar said On the domestic equity market front the BSE Sensex ended 132861 points or 244 per cent higher at 5585852 while the broader NSE Nifty surged 41045 points or 253 per cent to 1665840 Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 644824 crore as per stock exchange data On Friday volatility remained low as market participants remained on the sidelines and waited for more clarity on the ongoing tension between Russia and Ukraine From the US focus will be on the core PCE index number and a higher number could support the dollar at lower levels We expect the USD-INR Spot to trade sideways with a positive bias and quote in the range of 7540 and 7605 said Gaurang Somaiya Forex and Bullion Analyst Motilal Oswal Financial Services According to Sriram Iyer Senior Research Analyst at Reliance Securities the rupee appreciated against the US dollar tracking the strength of regional currencies and equities On a weekly basis the rupee has depreciated 67 paise against the American currency as oil prices spiked following Russias invasion of Ukraine The Rupee also took cues from weak domestic equities which fell for the third consecutive week due to continuous selling pressure from foreign investors Iyer noted PTI DRR DRR ABM ABM
