Rupee falls 5 paise to trade at 83.22 against the US dollar
rupee settled at 83.17 against the dollar. Lower greenback index weighed in favour of the local currency amid rising concerns over disruption in global trade through the Red Sea route, forex traders said. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) “Rupee is likely to appreciate today amid weak dollar, decline in US treasury yields across the curve and softening of crude oil prices.
Dollar is showing weakness ahead of core-PCE price index data due on Friday, as it would provide fresh clues on inflation and the likely path of Fed policy. As per CME FedWatch tool investors are pricing in about a 150 bps rate cut over 2024. Meanwhile, risk aversion in the global markets and FII outflows may prevent sharp gains in rupee," ICICI Direct said in a note.
It expects USDINR to slip towards 83.05 level as long as it stays below 83.30 level. Global oil price benchmark Brent crude declined 0.49% to $79.31 per barrel. The domestic equity market extended decline on Thursday tracking losses in global peers.
The Sensex was trading 75.20 points, or 0.11%, lower at 70,431.11, while the Nifty 50 declined 12.60 points, or 0.06%, to 21,137.55. On Wednesday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹1,322.08 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹4,754.34 crore, as per provisional data available on the exchanges. Catch Live Market Updates here Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.M
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