3, March, 2024
HomeBusinessIndian Rupee Opens Slightly Weaker Against Strong Dollar, Sustained Outflows

Indian Rupee Opens Slightly Weaker Against Strong Dollar, Sustained Outflows

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The Indian rupee faced a modest depreciation of 2 paise, opening at 83.23 against the US dollar in the morning session on Friday. This slip was attributed to the strength of the American currency in global markets and continuous foreign fund outflows, in contrast to the previous close of 83.24.

The dollar index, which assesses the greenback’s performance against a basket of six major currencies, showed a marginal decrease of 0.01%, trading at 106.11.

Read Also | Rupee Holds Steady Ahead of FTSE Russell’s India Decision

On the preceding day, the rupee had concluded at a rate of 83.24 against the US dollar.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, shared insights on the currency market, noting that “most traders are betting that the US FED is done with rate hikes, and therefore we saw some reprieve in the rising dollar index.” He added that the rupee’s stability is anticipated, primarily because the Reserve Bank of India (RBI) continues to sell US dollars, safeguarding the currency from depreciating beyond 83.30.

In the realm of commodities, Brent crude futures, the global oil benchmark, exhibited a 0.36% increase, reaching $87.16 per barrel.

Within the domestic stock market, the 30-share BSE Sensex showed a positive trend, advancing by 412.33 points (0.64%) to reach 64,493.23, while the broader NSE Nifty recorded a gain of 128.90 points (0.67%), marking a value of 19,262.15.

Read Also | Rupee Poised to Test Record Low Amidst Rising Oil Prices and US Yields

As for Foreign Institutional Investors (FIIs), they were net sellers in the capital markets on the previous day, with shares worth ₹1,261.19 crore sold, according to exchange data.

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