Rupee falls 7 paise to trade at 83.21 against US dollar
rupee logged its best single-day performance in nearly two months and ended 19 paise higher at 83.14 a dollar. Analysts said that oil prices declined further in Asian trade due to signs of easing demand in China and a bigger-than-expected weekly build in US crude stockpiles. “Rupee is expected to appreciate towards the 83.00 mark amid correction in the dollar.
The cooling US CPI and PPI numbers have raised the bets that the Fed has done with the rate hike cycle. Further, weakness in crude oil prices and increasing probability of interest rate cut in May next year would also weigh on the dollar," ICICI Direct said in a note. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) It expects USDINR to move back towards the 83.00 mark, as long as it stays under 83.30.
Only a move below 83.00 would open the doors towards 82.80, it said. Brent crude futures, the global oil benchmark, fell 0.64% to $80.66 per barrel. On the domestic equity market front, the BSE Sensex jumped by 439.6 points or 0.67% to 66,115.53, while the NSE Nifty 50 traded 121.55 points, or 0.62%, higher at 19,797.
According to exchange data, foreign institutional investors (FIIs) emerged as net buyers in the capital market on Wednesday as they bought shares worth ₹550.19 crore. Catch Live Market Updates here (With inputs from PTI) 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.Milestone Alert!
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