Rupee Closes 18 Paise Higher Against US Dollar
The rupee appreciated 18 paise to close at 81.18 (provisional) against the US dollar on Friday on broad dollar weakness.
However, weak domestic equities and a surge in crude oil prices capped sharp gains for the local currency, forex traders said.
At the interbank foreign exchange market, the local unit opened strong at 81.24, and settled for the day at 81.18 (provisional), registering a rise of 18 paise over its previous close.
During the trading session, the local unit witnessed an intra-day high of 81.09 and a low of 81.28 against the American currency.
On Thursday, the rupee closed at 81.36 against the US dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.21 per cent to 102.26.
Global oil benchmark Brent crude futures rose 0.48 per cent to USD 86.57 per barrel.
According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the Indian rupee appreciated on Friday on soft US dollar and FII inflows on Thursday.
"Dollar declined on increasing odds of a 25-bps rate hike by FOMC following disappointing economic data coming out from the US," Choudhary said.
The US Federal Reserve Vice Chair Lael Brainard hinted that the US Fed may hike rates at a slower pace by 25 bps in the next Federal Open Market Committee (FOMC) meeting in February and is expected to hold higher rates for longer to tame inflation.
"We expect the rupee to trade with a positive bias on a weak tone in the greenback. However, concerns over global economic growth and a surge in crude oil prices may cap a sharp upside.
"Traders may focus on existing home sales data and comments from FOMC members. USD/INR spot price is expected to trade in a range of Rs 80.50 to Rs 81.80," Choudhary said.
On the domestic equity market front, the 30-share BSE Sensex declined 236.66 points or 0.39 per cent to end at 60,621.77, while the broader NSE Nifty fell 80.20 points or 0.44 per cent to 18,027.65.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they purchased shares worth Rs 399.98 crore, according to exchange data.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
