The rupee gained 13 paise to 81.82 vs the US dollar on Monday. Earlier in the session, the Indian currency depreciated by six paise vs greenback. The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading marginally lower at 100.8.
Crude oil benchmarks eased on Monday ahead of US and European central banks' rate hike decisions. At the last count Brent crude futures were trading 0.1 percent lower at $80.8 per barrel. WTI futures, too, were trading 0.1 percent lower at $77 per barrel.
"The fresh week could turn out to be a big trigger for the Indian rupee and may finally give up its resiliency. Over the last many a days, the Indian rupee is trading in a narrow range of 81.95 to 82.10 amid a tough clash between sentiment and fundamental drivers. As Fed, ECB and BoJ policy decisions are lined up from Wednesday and thereafter; traders are likely to remain cautious," said Amit Pabari of CR Forex.
"On the domestic front, Nifty was inching higher testing a historic high of “20,000” as FPI continues to bet in favour of the Indian market on stable domestic fundamentals and a stronger growth outlook. Till today, they have invested Rs. 43,000 plus investment into equities. Ideally, Rupee would have appreciated by 1-1.5%, but RBI’s potential intervention near the 81.80-82.00 zone didn’t allow the same. Overall, a weaker dollar trend, risk-on sentiment globally and abundant FPI flows may not allow rupee to depreciate and if RBI takes out its hand, then rupee may appreciate towards 81.50 to 81.00 in the near term," Pabari added.
First Published: Jul 24, 2023 9:40 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM