Rupee rises 6 paise to 7633 against US dollar
Mumbai Mar 24 PTI The rupee appreciated 6 paise to close at 7633 against the US dollar in a restricted trade on Thursday as investors assess the global economic impact of the Russia-Ukraine conflict amid elevated global crude oil prices to find a decisive directionA weak trend in domestic equities and strengthening US dollar in the overseas market capped the gains in the domestic unit forex traders saidAt the interbank forex market the local unit opened slightly up at 7637 against the greenback During the session it moved in a tight range of 7624 and 7641The rupee finally settled at 7633 a rise of 6 paise over its previous closeThe Indian rupee is seen trading sideways as it is reacting to several cues the major one being the strong rebound in crude oil prices due to declining inventories supply disruptions due to a storm and prospects of further sanctions on Russia said Sugandha Sachdeva Vice President – Commodity and Currency Research Religare Broking Ltd Global oil markets are portraying significant tightness and are heavily backward dated Still worries about demand destruction due to the rising COVID-19 cases in China are capping gains at higher levels Sachdeva added Besides the strength in the US dollar amid bets of an aggressive pace of rate hike path during 2022 and lingering uncertainty due to the ongoing geopolitical crisis is also weighing on the domestic currency However retreat in domestic equities from days low lent some support to the rupee-dollar exchange rate We anticipate the Indian rupee to trade with a sideways bias in the range of 7550-7660 in the coming days Sachdeva noted According to Anindya Banerjee VP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Month-end corporate USD sales are not allowing USDINR to move higher At the same time bids from oil marketing companies are keeping USDINR well supported near 76 levels We could be in for a range between 76 and 77 till March-endMeanwhile the dollar index which measures the greenbacks strength against a basket of six currencies rose 018 per cent to 9879Brent crude futures the global oil benchmark slipped 012 per cent to USD 12145 per barrelOn the domestic equity market front the BSE Sensex ended 8914 points or 015 per cent lower at 5759568 while the broader NSE Nifty fell 2290 points or 013 per cent to 1722275Foreign institutional investors remained net buyers in the capital market on Wednesday as they purchased shares worth Rs 48133 crore according to stock exchange data PTI DRR DRR BAL BAL
Mumbai Mar 24 PTI The rupee appreciated 6 paise to close at 7633 against the US dollar in a restricted trade on Thursday as investors assess the global economic impact of the Russia-Ukraine conflict amid elevated global crude oil prices to find a decisive directionA weak trend in domestic equities and strengthening US dollar in the overseas market capped the gains in the domestic unit forex traders saidAt the interbank forex market the local unit opened slightly up at 7637 against the greenback During the session it moved in a tight range of 7624 and 7641The rupee finally settled at 7633 a rise of 6 paise over its previous closeThe Indian rupee is seen trading sideways as it is reacting to several cues the major one being the strong rebound in crude oil prices due to declining inventories supply disruptions due to a storm and prospects of further sanctions on Russia said Sugandha Sachdeva Vice President – Commodity and Currency Research Religare Broking Ltd Global oil markets are portraying significant tightness and are heavily backward dated Still worries about demand destruction due to the rising COVID-19 cases in China are capping gains at higher levels Sachdeva added Besides the strength in the US dollar amid bets of an aggressive pace of rate hike path during 2022 and lingering uncertainty due to the ongoing geopolitical crisis is also weighing on the domestic currency However retreat in domestic equities from days low lent some support to the rupee-dollar exchange rate We anticipate the Indian rupee to trade with a sideways bias in the range of 7550-7660 in the coming days Sachdeva noted According to Anindya Banerjee VP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Month-end corporate USD sales are not allowing USDINR to move higher At the same time bids from oil marketing companies are keeping USDINR well supported near 76 levels We could be in for a range between 76 and 77 till March-endMeanwhile the dollar index which measures the greenbacks strength against a basket of six currencies rose 018 per cent to 9879Brent crude futures the global oil benchmark slipped 012 per cent to USD 12145 per barrelOn the domestic equity market front the BSE Sensex ended 8914 points or 015 per cent lower at 5759568 while the broader NSE Nifty fell 2290 points or 013 per cent to 1722275Foreign institutional investors remained net buyers in the capital market on Wednesday as they purchased shares worth Rs 48133 crore according to stock exchange data PTI DRR DRR BAL BAL
