Finance
The rupee rose for the third day in a row in early trade on Thursday, rising 4 paise to 83.14 against the US dollar as crude oil prices fell and the US currency fell. Domestic equities market jitters and fears over foreign capital withdrawals curbed the Indian rupee’s rapid advance, according to forex analysts. The rupee opened at 83.17 versus the US dollar on the interbank foreign exchange and then moved in a range of 83.13 to 83.17. The Indian rupee later traded at 83.14 against the US dollar, up 4 paise from its previous close.
The rupee closed 7 paise higher at 83.18 against the US dollar on Wednesday. On Tuesday, the domestic unit had gained 3 paise against the American currency.
Market investors are anticipated to keep an eye on the government’s release of August industrial production statistics on Thursday. Simultaneously, September inflation figures will be released, providing insight into the country’s economic health.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, was 0.13 percent lower at 105.69. Brent crude futures fell 0.45% to USD 85.43 a barrel, the global oil benchmark. On the domestic front, the BSE Sensex fell 19.85 points, or 0.03 percent, to 66,453.20. The NSE Nifty rose 1.30 points, or 0.01 percent, to 19,812.65. On Wednesday, Foreign Institutional Investors (FIIs) were net sellers in the capital market, offloading their shares worth Rs 421.77 crore, as per exchange data.
Source:FE
