2022 10 31t112237z 1838482235 Rc2acx9oxcac Rtrmadp 3 India Markets Rupee

Image Source: Reuters

Rupee escalated 13 paise to 81.82 against US dollar

On Thursday, rupee reached from 13 paise to 81.82 against the U.S. dollar raised by foreign fund inflows. The domestic unit started at 81.93 against the dollar, then mounted to 81.82 which recorded an increase of 13 paise at the interbank foreign exchange.

The rupee was closed at 81.95 against the U.S. currency, on Wednesday. The dollar index which measures the greenback’s strength against a basket of six currencies which further fell from 0.02% to 105.63. The risk-off-tilted equity sentiment and the increase in U.S. bond yields led to the creation of a base case for the stronger USD, CR Forex Advisors MD Amit Pabari stated. Further, FDI and FPIs have acted as life support for the rupee. “In March, they (FPIs) are net investors with more than ₹10,000 crore in equities. We could see rupee trading in the range of 81.50 to 82.50 over the short-term,” reported by a source.

On Wednesday, Foreign Institutional Investors were net buyers in the capital market since they bought shares of ₹3,671.56 crore, as recorded in exchange data. Meanwhile on Thursday, Brent crude futures, the global oil benchmark, advanced 0.02% to $82.66 per barrel. In the domestic equity market, the 30 share BSE Sensex fell 131.61 points or 0.22% to 60,216.48 points on Thursday. Furthermore, the broader NSE Nifty declined 33.30 points or 0.19% to 17,721.10 points.

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