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India’s currency is likely to appreciate to 81 per dollar by end-December from around 82.9 on Tuesday. Photographer: Dhiraj Singh/Bloomberg
The rupee turned flat at 83.33 against the US dollar in early trade on Thursday amid a strong American currency and higher crude oil prices.
Forex traders said the positive equity markets and inflow of foreign funds resisted the fall in the Indian currency.
At the interbank foreign exchange, the rupee opened at 83.32 and lost further to trade at the previous closing level of 83.33 against the greenback in initial deals.
On Wednesday, the rupee declined 4 paise to close at 83.33 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent higher at 104.07.
Brent crude futures, the global oil benchmark, rose 0.53 per cent to USD 86.56 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 170.43 points, or 0.23 per cent, higher at 73,166.74 points. The broader NSE Nifty rose 53.45 points, or 0.24 per cent, to 22,177.10 points.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 2,170.32 crore, according to exchange data.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Mar 28 2024 | 9:49 AM IST
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