Rupee trades marginally higher against the US dollar despite geopolitical risks
rupee ended flat at 83.25 against the US dollar. The rupee hit a lifetime low of 83.29 in October 2022. Brent crude futures, the global oil benchmark, advanced 3.13% to $87.23 per barrel.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) According to CR Forex Advisors MD-Amit Pabari, market sentiment turned delicate following clashes between Israeli forces and Hamas over the weekend, coinciding with a surprise attack by militants on Israel, marking the deadliest day of violence in the region in half a century. “Global tensions propel safe-haven dollar, while RBI's vigilant stance sparks currency market tug-of-war," Pabari added. Catch Israel-Palestine War News Live here The USD/INR pair is encountering notable resistance at the 83.30 level, while concurrently finding support around 82.80.
This creates a scenario akin to a tug-of-war, where a breach of either pivotal level could trigger a significant movement, with an estimated range of approximately one rupee in either direction, he said. In the domestic equity market, the 30-share BSE Sensex declined 274.33 points or 0.42 per cent to 65,721.30. The broader NSE Nifty fell 84.10 points or 0.43 per cent to 19,569.40.
Also Read: Nifty 50, Sensex decline on Israel-Hamas war: 5 factors that weigh on market sentiment Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth ₹90.29 crore, according to exchange data. Meanwhile, India's forex reserves dropped further by $3.794 billion to $586.908 billion for the week ended September 29, the Reserve Bank said on Friday. On Friday, the Foreign institutional investors
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