Rupee jumps 22 paise to open at 82.57 against the US dollar
US Federal Reserve will not hike interest rates further. The US dollar index - which measures the currency against a basket of six developed-market peers, including the euro, sterling and yen - edged 0.05% lower to 103.58 on Friday, bringing declines this week to 0.53%. On Thursday, the rupee ended 6 paise lower at 82.79 a dollar.
For the month of August, rupee depreciated 0.66%. The offshore yuan climbed to a high of 7.2392 to the dollar after China's central bank said it would cut the level of foreign exchange reserves that financial institutions must hold, a step directed towards slowing the pace of the recent yuan depreciation, Reuters reported. Data showed that India’s economy grew 7.8% in the April-June quarter YoY, a tad better than what economists polled by Reuters had forecast.
Investors now focus on the important US monthly jobs report due later in the day. Meanwhile, crude oil prices traded higher. Brent crude futures gained 0.18%, at $86.99 a barrel, while US West Texas Intermediate crude (WTI) rose 0.16% to $83.76.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading higher in the pre-opening session. On Thursday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹2,973.10 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹4,382.76 crore, as per provisional data available on the exchanges. Catch Live Market Updates here (With inputs from Reuters)Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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