Rupee settles almost flat at 72.52 against US dollar

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The rupee ended on a flat note against the US dollar on Friday amid a firm trend in domestic equity markets and a stronger dollar in overseas markets.

At the interbank forex market, the local unit opened lower at 72.57 against the greenback and witnessed an intra-day high of 72.46 and a low of 72.58.

It finally closed at 72.52 against the American currency, registering a rise of just 1 paisa over its previous close. The rupee had ended at 72.53 against the US dollar on Thursday.

On the domestic equity market front, the BSE Sensex ended 641.72 points or 1.30 % higher at 49,858.24, while the broader NSE Nifty surged 186.15 points or 1.28 % to 14,744.00.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.08 % to 91.94.

Brent crude futures, the global oil benchmark, rose 1.33 % to USD 64.12 per barrel.

Foreign institutional investors remained net buyers in the capital market as they bought shares worth ₹ 1,258.47 crore on Thursday, according to exchange data.

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Rupee falls 3 paise against US dollar in early trade

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At the interbank forex market, the local unit opened lower at 72.57.

The rupee depreciated by 3 paise to 72.56 against the US dollar in opening trade on Friday, as muted opening in domestic equities weighed on investor sentiment.

However, consistent foreign fund inflows and a weak dollar overseas supported the rupee, forex dealer said.

At the interbank forex market, the local unit opened lower at 72.57 against the US dollar, then recovered some ground to quote at 72.56, a decline of 3 paise over its previous close.

On Thursday, the rupee had settled at 72.53 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 243.44 points lower at 48,973.08, and the broader NSE Nifty fell 74.30 points to 14,483.55 in early deals.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.05 % to 91.81.

The global oil benchmark Brent crude was trading 0.32 % higher at USD 63.48 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth ₹ 1,258.47 crore, as per exchange data.

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Rupee up by 2 paise at 72.53 against U.S. dollar

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Persistent foreign fund inflows and lower crude prices supported the domestic unit, forex traders said

The rupee erased some of its initial gains to end 2 paise higher at 72.53 against the U.S. dollar on Thursday, tracking subdued equity market sentiment and a stronger dollar overseas.

Persistent foreign fund inflows and lower crude prices supported the domestic unit, forex traders said.

At the interbank forex market, the local unit opened strong at 72.48 against the greenback but failed to hold on to gains following a massive selloff in the domestic equity markets.

During the session, it witnessed an intra-day high of 72.43 and a low of 72.60. It finally settled 2 paise higher at 72.53 against the American currency. On Wednesday, the rupee had settled at 72.55 against the American currency.

On the domestic equity market front, the BSE Sensex ended 585.10 points or 1.17% lower at 49,216.52, while the broader NSE Nifty dropped 163.45 points or 1.11% to 14,557.85.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.24% to 91.65.

Brent crude futures, the global oil benchmark, fell 0.35% to $67.76 per barrel.

Foreign institutional investors remained net buyers in the capital market as they bought shares worth ₹2,625.82 crore on Wednesday, according to exchange data.

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Rupee settles flat at 72.55 against US dollar

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The rupee closed flat 72.55 (provisional) against the US dollar on Wednesday as selling pressure in domestic equity markets weighed on investor sentiment.

Losses in the equity markets and a strengthening dollar against major currencies overseas kept the pressure on the rupee, forex traders said.

At the interbank forex market, the local unit opened almost flat at 72.56 against the greenback and witnessed an intra-day high of 72.51 and a low of 72.62.

It finally ended unchanged at 72.55 against the American currency, compared to its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.03 % to 91.91.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.82 % to USD 67.83 per barrel.

On the domestic equity market front, the BSE Sensex ended 562.34 points or 1.12 % lower at 49,801.62, while the broader NSE Nifty fell 189.15 points or 1.27 % to 14,721.30.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹ 1,692.31 crore on Tuesday, according to exchange data.

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Rupee surges 33 paise to two-week high on forex inflows

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The rupee spurted by 33 paise to close at a more than two-week high of 72.46 against the U.S. dollar on Monday, continuing its gaining streak for the fourth session in a row on the back of forex inflows.

The rupee opened strong at 72.71 at the interbank forex market despite a lacklustre trend in the domestic equity market and gains in the dollar index.

The dollar index recovered from a week’s low on Monday on a rise in Treasury yields on inflation worries ahead of the Federal Reserve’s meeting.

Analysts said the forex market is likely to remain volatile ahead of the outcome of the Fed meeting.

The local unit witnessed an intra-day high of 72.40 and a low of 72.75 on Monday. It finally ended at 72.46, registering a rise of 33 paise over its previous close. Since March 9, the rupee has gained over 1%.

“Indian rupee started the week on a front foot following dollar inflows. Even after weaker domestic equities and a stronger dollar index, rupee outperformed among Asian currencies following strong foreign inflows in the primary equity market,” said Dilip Parmar, Research Analyst, HDFC Securities.

The forex market is expected to remain volatile ahead of Wednesday’s Federal Open Market Committee (FOMC) meet outcome, he stated.

“Though, there is no change in interest rate expected, the focus will remain on updated dots and any comments on rising real yields,” he said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, climbed 0.12% to 91.78. Meanwhile, Brent crude futures, the global oil benchmark, fell 0.01% to $69.21 per barrel. “Market participants remain cautious ahead of the important FOMC policy statement that will be released later this week. The expectation is that the central bank could maintain a status quo but economic projections and what stance the central bank holds on the economy is likely to impact the greenback,” said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Mr. Somaiyaa further noted that “we expect the USDINR (Spot) to trade sideways with a negative bias and quote in the range of 72.20 and 72.80.” On the domestic equity market front, the BSE Sensex ended 397 points or 0.78% lower at 50,395.08, while the broader NSE Nifty declined 101.45 points or 0.67% to 14,929.50. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth ₹942.60 crore on Friday, according to exchange data.

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