Tag: surges

Rupee surges 12 paise to 74.33 against US dollar in early trade

Banking & Finance

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The rupee surged 12 paise to 74.33 against the US dollar in opening trade on Monday as a firm trend in domestic equities and easing crude oil prices boosted investor sentiments.

At the interbank foreign exchange, the rupee opened strong at 74.38 against the dollar and gained further ground to 74.33 in early deals, a rise of 12 paise over its previous close.

On Friday, the rupee had settled at 74.45 against the US dollar.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, as the dollar index rises and oil prices fall, rupee is likely to move within a range of 74.20 to 74.60 for the day.

“With three listings on Wednesday, outflow could be seen particularly that of Paytm… India CPI came a tad higher at 4.48 per cent while IIP came a bit lower at 3.1 per cent. Oil prices have fallen to 81.50 while dollar Index has risen to 95.10,” Bhansali said, adding that exporters can take a call to sell at 74.55 while importers may buy near to 74.20.

Dollar index

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12 per cent to 95.01.

Global oil benchmark Brent crude futures fell 0.82 per cent to $81.50 per barrel.

On the domestic equity market front, BSE Sensex was trading 144.4 points or 0.24 per cent higher at 60,831.09, while the broader NSE Nifty advanced 27.75 points or 0.15 per cent to 18,130.50.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth ₹511.10 crore, as per exchange data.

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Rupee surges 27 paise to 74.19 against US dollar in early trade

Banking & Finance

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The rupee surged 27 paise to 74.19 against the US dollar in opening trade on Monday supported by dovish central banks.

At the interbank foreign exchange, the rupee opened strong at 74.25 against the dollar and gained further ground to 74.19 in early deals, a rise of 27 paise over its previous close.

On Thursday, the rupee had settled at 74.46 against the US dollar.

The forex market was closed on Friday for ‘Diwali Balipratipada’.

The Indian Rupee opened stronger this Monday supported by dovish central banks, Reliance Securities said in a research note.

Fed’s taper announcement

Fed Chair Jerome Powell said he was in no rush to hike borrowing costs, as there was still ground to cover to reach maximum employment. The central bank did announce a $15 billion monthly tapering of its $120 billion in monthly asset purchases.

Additionally, flows into the market could also lend support. However, the Reserve Bank of India’s presence could cap the appreciation bias, the note said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.01 per cent to 94.31.

Global oil benchmark Brent crude futures rose 1.02 per cent to $83.58 per barrel.

On the domestic equity market front, BSE Sensex was trading 221.26 points or 0.37 per cent lower at 59,846.36, while the broader NSE Nifty declined 56.75 points or 0.32 per cent to 17,860.05.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth ₹328.11 crore, as per exchange data.

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