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    שירות ליווי נשי

    Prime Minister Shri Narendra Modi inaugurates SEMICON India 2024 in Greater Noida, Uttar Pradesh

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Rupee appreciates 10 paise to 81.91 against US dollar in early trade

shree1news by shree1news
July 28, 2023
in Finance
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Rupee snaps two-month rally; reverses early gains to end lower at 85.36/$

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In early trade on Thursday, the rupee gained 10 paise to 81.91 against the US dollar, reflecting the depreciation of the American currency in the offshore market after the US Fed boosted interest rates on expected lines.
Forex traders reported that a bullish trend in domestic equities, as well as foreign money inflows, helped the local currency.

However, they said that a rise in crude oil prices limited the local currency’s growth.
The local unit opened at 81.92 versus the US dollar on the interbank foreign exchange, then rose to 81.91, a 10 paise increase over its previous close.

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RBI cuts rates again by 50 bps: Borrowers to benefit, savers and depositors to feel the pinch

Rupee slump deepens; ends 31 paise lower after breaching 86/$ intraday

On Wednesday, the rupee had settled at 82.01 against the dollar.
“As Fed Chairman Jerome Powell said that there could be another rate hike in September, markets anticipated that Fed’s rate hike cycle is coming to an end and pulled dollar down as dollar index fell to 100.74 down from 101.65 it hit earlier in the week,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 100.83.
Indian rupee which fell on Wednesday opened slightly higher “after what market anticipated as a dovish Fed,” Bhansali said.

Meanwhile, the global oil benchmark, Brent crude futures, increased 1.03 percent to USD 83.77 per barrel.
The 30-share BSE Sensex was trading 183.85 points higher, or 0.28 percent higher, at 66,891.05. The NSE Nifty gained 64.50 points, or 0.33 percent, to 19,842.80.

According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital markets on Wednesday, purchasing shares worth Rs 922.84 crore.

 

 

Source:BS

Tags: RupeeRupee vs US Dollarshree1newsUS Dollar

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