Rupee rises for fifth straight day ends 5 paise up at 7554 against USD
Mumbai Dec 22 PTI The rupee appreciated by 5 paise to close at 7554 against the US dollar in range-bound trade on Wednesday extending gains for a fifth straight session helped by firm domestic equity markets Lower crude prices in the international market and a subdued dollar overseas also supported the local unit forex dealers said The rupee resumed higher at 7556 per dollar against the previous close of 7559 at the interbank foreign exchange market and hovered in a range of 7548 to 7565 before settling at 7554 registering a rise of 5 paise Rupee continued its northbound journey for the fifth day in a row following the rebound in risk sentiments and dollar selling from exporters The market has also started pricing quarter and year-end rebalancing which may bring some extra dollar inflows Spot USDINR is expected to trade in the range of 7510 to 7570 in next couple of days ahead of the Christmas holiday The bias for pair remains slightly lower amid a recovery in risk assets and the lower dollar index Dilip Parmar- Research Analyst HDFC Securities said The dollar index which gauges the greenbacks strength against a basket of six currencies was trading lower by 004 per cent at 9645 Brent crude futures the global oil benchmark fell 026 per cent to USD 7379 per barrel Crude and dollar prices traded muted and secondary capital markets performance helped the rupee gain as capital markets showed strength for the last two days Going ahead rupee can be seen between the 7535-7585 range Jateen Trivedi Senior Research Analyst at LKP Securities said Emkay Global Financial Services in a note stated that after last weeks central bank policies there are hardly any positive surprises left for the USDINR spot Omicron continues to be a cloud of uncertainty and unless there is no sharp rise in death cases it can be looked past The focus will be on the upcoming US PCE release a stronger-than-expected PCE report will ignite further buying interest However the upside in USDINR spot will be capped by RBI intervention On the domestic equity market front the BSE Sensex ended 61155 points or 109 per cent higher at 5693056 while the broader NSE Nifty surged 18460 points or 11 per cent to 1695545 Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 120982 crore exchange data showed PTI BAL MR
Mumbai Dec 22 PTI The rupee appreciated by 5 paise to close at 7554 against the US dollar in range-bound trade on Wednesday extending gains for a fifth straight session helped by firm domestic equity markets Lower crude prices in the international market and a subdued dollar overseas also supported the local unit forex dealers said The rupee resumed higher at 7556 per dollar against the previous close of 7559 at the interbank foreign exchange market and hovered in a range of 7548 to 7565 before settling at 7554 registering a rise of 5 paise Rupee continued its northbound journey for the fifth day in a row following the rebound in risk sentiments and dollar selling from exporters The market has also started pricing quarter and year-end rebalancing which may bring some extra dollar inflows Spot USDINR is expected to trade in the range of 7510 to 7570 in next couple of days ahead of the Christmas holiday The bias for pair remains slightly lower amid a recovery in risk assets and the lower dollar index Dilip Parmar- Research Analyst HDFC Securities said The dollar index which gauges the greenbacks strength against a basket of six currencies was trading lower by 004 per cent at 9645 Brent crude futures the global oil benchmark fell 026 per cent to USD 7379 per barrel Crude and dollar prices traded muted and secondary capital markets performance helped the rupee gain as capital markets showed strength for the last two days Going ahead rupee can be seen between the 7535-7585 range Jateen Trivedi Senior Research Analyst at LKP Securities said Emkay Global Financial Services in a note stated that after last weeks central bank policies there are hardly any positive surprises left for the USDINR spot Omicron continues to be a cloud of uncertainty and unless there is no sharp rise in death cases it can be looked past The focus will be on the upcoming US PCE release a stronger-than-expected PCE report will ignite further buying interest However the upside in USDINR spot will be capped by RBI intervention On the domestic equity market front the BSE Sensex ended 61155 points or 109 per cent higher at 5693056 while the broader NSE Nifty surged 18460 points or 11 per cent to 1695545 Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 120982 crore exchange data showed PTI BAL MR
