Rupee recovers to 7660 against US dollar as crude falls stocks rally
Mumbai Apr 26 PTI Snapping its two-day losing streak the rupee rose by 4 paise to 7660 against the US dollar on Tuesday following a rebound in regional currencies and domestic equities However the appreciation bias in the local unit will be capped in the near-term amid fears about the economic impact of Chinas COVID-19 lockdowns and an aggressive pace of the US rate hikes traders said At the interbank forex market the rupee opened at 7648 against the greenback and moved in a range of 7643 to 7669 in the day trade The rupee traded at 7660 at 1530hrs higher by 4 paise over its previous close of 7664 Indian rupee inched up after two days of sharp sell-off following rebound in regional currencies and domestic equities The fall in crude oil and commodity prices and expectations of foreign fund inflows from LIC IPO supported the rupee said Dilip Parmar Research Analyst HDFC Securities However the local unit is still not out of the woods as strength in the dollar against major currencies weaker economic growth higher inflation are likely to limit the gains Broadly spot USDINR is expected to trade in the range of 76 to 77 while near term directions will be followed by risk moods and movement in Chinese yuan Parmar said On the domestic equity market front the BSE Sensex ended 77672 points or 137 per cent higher at 5735661 while the broader NSE Nifty jumped 24685 points or 146 per cent to 1720080 Brent crude futures the global oil benchmark fell 049 per cent to USD 10182 per barrel The dollar index which gauges the greenbacks strength against a basket of six currencies surged 006 per cent to 10181 Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 330285 crore as per stock exchange data PTI DRR MR
Mumbai Apr 26 PTI Snapping its two-day losing streak the rupee rose by 4 paise to 7660 against the US dollar on Tuesday following a rebound in regional currencies and domestic equities However the appreciation bias in the local unit will be capped in the near-term amid fears about the economic impact of Chinas COVID-19 lockdowns and an aggressive pace of the US rate hikes traders said At the interbank forex market the rupee opened at 7648 against the greenback and moved in a range of 7643 to 7669 in the day trade The rupee traded at 7660 at 1530hrs higher by 4 paise over its previous close of 7664 Indian rupee inched up after two days of sharp sell-off following rebound in regional currencies and domestic equities The fall in crude oil and commodity prices and expectations of foreign fund inflows from LIC IPO supported the rupee said Dilip Parmar Research Analyst HDFC Securities However the local unit is still not out of the woods as strength in the dollar against major currencies weaker economic growth higher inflation are likely to limit the gains Broadly spot USDINR is expected to trade in the range of 76 to 77 while near term directions will be followed by risk moods and movement in Chinese yuan Parmar said On the domestic equity market front the BSE Sensex ended 77672 points or 137 per cent higher at 5735661 while the broader NSE Nifty jumped 24685 points or 146 per cent to 1720080 Brent crude futures the global oil benchmark fell 049 per cent to USD 10182 per barrel The dollar index which gauges the greenbacks strength against a basket of six currencies surged 006 per cent to 10181 Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 330285 crore as per stock exchange data PTI DRR MR
