The Indian rupee settled four paise below its previous close at 83.03 versus the US dollar on Thursday. Earlier in the session, the currency fell two paise from its previous close vs dollar. In the previous session, the currency ended at 82.99 against the 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 0.16 percent lower at 104.23.
Crude oil benchmarks gained on Thursday. At the last count, Brent crude futures were trading 0.58 percent higher at $92.41 per barrel. WTI futures, too, were trading 0.63 percent higher at $89.06 per barrel.
"Rupee's recent performance has left market participants puzzled and tested their patience. Even as the Nifty index trades near record highs, reflecting India's robust domestic fundamentals, the strong growth trajectory of Indian corporations, and investor confidence, the rupee seems to lag behind. It will be intriguing to observe when the rupee aligns itself with these strong fundamentals. For now, the rupee appears poised to make gains, supported by robust inflows and an active RBI intervention. Overall, once the pair breaches the 82.80 mark, it is likely to move towards the 82.50 level. On the flip side, breaking the strong resistance at 83.25 remains a challenging hurdle to overcome," said Amit Pabari of CR Forex.
First Published: Sept 14, 2023 11:11 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!
Lok Sabha Election Phase 5 Voting Live Updates: Polling to begin on 49 seats across 8 states, UTs
May 20, 2024 6:34 AM
Gonda Lok Sabha election: BJP's Kirti Vardhan Singh takes on Beni Prasad Verma's granddaughter Shreya
May 19, 2024 10:19 PM