Finance
The rupee gained 33 paise against the US dollar to settle at 82.42 (provisional) as strong macroeconomic data boosted market confidence.
The local unit began at 82.54 versus the US dollar on the interbank foreign currency market and finished at 82.42 (provisional), up 33 paise over its previous level due to persistent foreign fund inflows.
The domestic unit reached an intraday high of 82.36 and a low of 82.54 throughout the day.
The rupee finished at 82.75 versus the US dollar on Wednesday.
The dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.20 percent to 104.12.
Brent crude futures rose 0.17 percent to USD 72.72 a barrel, the global oil benchmark.
In May, foreign institutions purchased USD 4.5 billion in domestic stocks, the largest since November.
Though the spot USDINR dipped on Thursday, technical indicators point to a continuation of the upward trend, according to Parmar, who added that traders will be watching Friday’s US payrolls data ahead of the Federal Reserve’s June meeting.
The 30-share BSE Sensex slid 193.70 points, or 0.31 percent, to end at 62,428.54 points, while the wider NSE Nifty fell 46.65 points, or 0.25 percent, to 18,487.75 points.
According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital market on Wednesday, purchasing shares worth Rs 3,405.90 crore.
Domestically, manufacturing activity in India improved further and reached a 31-month high in May, underpinned by a greater increase in new orders and favorable market conditions.
Meanwhile, the budget deficit at the Centre fell to 6.71 percent of GDP in 2022-23, down from 6.71 percent in FY22.
The Controller General of Accounts (CGA) revealed the Union government’s revenue-expenditure figures for 2022-23, saying the fiscal deficit in absolute terms was Rs 17,33,131 crore (provisional), somewhat lower than the amount forecast in the Budget’s Revised Estimates (RE).
Furthermore, according to official numbers issued on Wednesday, India’s economy increased by 6.1% in the March quarter of 2022-23, raising the annual growth rate to 7.2% on account of better performance by agriculture, manufacturing, mining and construction sectors.
Source:BS
