Finance
The rupee remained range-bound on Thursday, ending 1 paisa higher at 83.29 vs the US dollar, despite a negative trend in domestic markets and continued foreign fund outflows.
The rupee opened at 83.25 versus the US dollar on the interbank foreign exchange and eventually finished at 83.29, a 1 paisa gain over its previous level.
During the day, the rupee traded in a range-bound fashion, reaching a high of 83.25 and a low of 83.29 against the US dollar.
The US Federal Reserve Chair Powell did not comment on the course of the Fed’s monetary policy in his Wednesday’s speech. On Thursday, he will participate in a panel discussion on monetary policy challenges.
“Markets will look for clues to the Fed’s monetary policy course,” Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said.
“The pair is expected to continue to range trade between Rs 82.80 and Rs 83.50 in the near-term,” Singh said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.01 per cent at 105.58.
Brent crude futures increased 0.96 percent to USD 80.30 per barrel, the global oil benchmark.
On the domestic front, the BSE Sensex fell 143.41 points, or 0.22 percent, to 64,832.20 points. The NSE Nifty fell 48.20 points, or 0.25 percent, to 19,395.30 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday, offloading shares worth Rs 84.55 crore, according to exchange data.
Source:FE
