Rupee Earnings: Rupee The US dollar appreciated 7 paise to 83.82 in morning trade on Friday, supported by significant foreign fund inflows and a positive trend in domestic equities.
Currency traders said a rise in global risk sentiments supported the rupee, while a recovery in the US dollar and month-end dollar demand from importers and oil marketing companies (OMCs) weighed on investor sentiments.
At the interbank foreign exchange market, the local unit opened at 83.83, then gained ground to touch 83.82, registering a rise of 7 paise from its previous close. Rupee It appreciated 8 paise to close at 83.89 against the US currency.
According to currency traders, rebalancing flows in the MSCI index could push the rupee higher. “Some appreciation in the rupee seems likely with MSCI index inflows expected to be around $3 billion. The rupee is likely to trade in a range of 83.75-83.90, while a range of 83.60-84.05 is expected over the medium term, with an upside bias,” said Amit Pabari, Managing Director, CR Forex Advisors.
Meanwhile, the Dollar The index, which measures the greenback’s strength against a basket of six currencies, rose 0.03 percent to 101.37 points. Brent crude, the international benchmark, gained 0.29 percent to $80.17 a barrel in futures trading.
On the domestic market front, the 30-share BSE Sensex advanced 227.63 points, or 0.28 per cent, to 82,362.24, while the Nifty rose 65.70 points, or 0.26 per cent, to 25,217.65.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 3,259.56 crore, according to exchange data.
Meanwhile, Moody’s Ratings on Thursday upgraded India’s credit rating. GDP Growth for calendar years 2024 and 2025 is projected at 7.2 percent and 6.6 percent, respectively, supported by strong overall growth.
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