Tag: NSE Nifty

Rupee gains 19 paise to end at 74.68 against US dollar, BFSI News, ET BFSI

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Mumbai, Nov 2 : The rupee gained 19 paise to close at 74.68 (provisional) against the US dollar on Tuesday, as IPO related inflows supported the local unit amid a lacklustre trend in the domestic equity market. At the interbank forex market, the domestic unit opened at 74.83 against the greenback and witnessed an intra-day high of 74.66 and a low of 74.86 during the day’s trade. It finally ended at 74.68 a dollar.

On Monday, the rupee had settled at 74.87 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.06 per cent to 93.94.

“After two days of lacklustre movements, the rupee has appreciated quarter percentage points backed by inflows from IPOs. While overseas markets traded sideways ahead of the US Fed and Bank of England policy meeting this week,” said Dilip Parmar, Research Analyst, HDFC Securities.

Dollar supply remained high on the back of IPOs, while traders may remain light in holiday truncated weeks, Parmar said, adding “Spot USD/INR is expected to trade in a tight range of 74.50 to 75”.

On the domestic equity market front, the BSE Sensex fell 109.40 points or 1.18 per cent to end at 60,029.06, while the broader NSE Nifty declined 40.70 points or 0.23 per cent to 17,888.95.

Brent crude futures, the global oil benchmark, rose 0.27 per cent to USD 84.94 per barrel.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 202.13 crore, as per exchange data.



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Rupee inches 4 paise higher to 73.25 against US dollar, BFSI News, ET BFSI

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MUMBAI: The Indian rupee appreciated 4 paise to 73.25 against the US dollar in opening trade on Tuesday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.26 against the dollar, then inched higher to 73.25, up 4 paise over its previous close.

On Monday, the rupee had settled at 73.29 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.12 per cent at 92.54.

A strong rally in the domestic equity markets and a weak American currency in the overseas markets also supported the rupee sentiment.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee which has appreciated nearly 100 paise since Friday, has been gaining on bountiful corporate inflows.

“RBI has been present intermittently and equity inflows have also been aiding the rupee after FED rhetoric on Friday,” he added.

The US Fed chief Jerome Powell’s speech at Jackson Hole Symposium was ‘dovish’ and expressed hope that the Fed will keep supporting the market with low interest rates, traders said.

Global oil benchmark Brent crude futures fell 0.48 per cent to USD 73.06 per barrel.

On the domestic equity market front, BSE Sensex was trading 87.09 points or 0.15 per cent higher at 56,976.85, while the broader NSE Nifty advanced 21.55 points or 0.13 per cent to 16,952.60.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 1,202.81 crore, as per exchange data.



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Rupee slips by 2 paise to close at 74.20 against US dollar, BFSI News, ET BFSI

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MUMBAI: The rupee weakened by 2 paise to end at 74.20 (provisional) against the US dollar on Friday as higher crude oil prices weighed on forex market sentiment.

At the interbank foreign exchange market, the rupee opened at 74.15 per dollar as against its previous close of 74.18.

It hovered in the range of 74.14 to 74.25 during the day before ending at 74.20 against the greenback.

“The Indian rupee remained under pressure on Friday on firm crude oil prices and as market participants remained vigilant ahead of US Core PCE Price Index data,” Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 per cent to 91.74.

“Dollar is showing weakness amid Fed officials differing view on how long inflation is likely to stay high and when to tighten monetary policy. Market Sentiments improved on news that US President Joe Biden and a group of senators agreed on roughly USD 1 trillion infrastructure plan securing bipartisan deal,” he noted

The rupee may gain as number of COVID-19 cases in India continued to decline. Rupee may trade in the range of 73.55 to 74.50 in next couple of sessions, he added.

On the domestic equity market front, the BSE Sensex ended 226.04 points or 0.43 per cent higher at 52,925.04, while the broader NSE Nifty rose 72.55 points or 0.46 per cent to 15,863.00.

Brent crude futures, the global oil benchmark, declined 0.34 per cent to USD 75.30 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,890.94 crore, as per exchange data.



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