The rupee slipped 3 paise to settle at 83.19 against the US dollar on Tuesday amid a strong American currency and outflow of foreign funds. A positive equity market sentiment and softer crude oil prices, however, provided a cushion and restricted the fall in the Indian currency, forex traders said.
At the interbank foreign exchange, the domestic currency opened at 83.17 and traded between a peak of 83.10 and a low level of 83.21 against the greenback during intra-day deals. The local unit settled at 83.19 against the dollar, registering a loss of 3 paise from its previous close. On Friday, the domestic currency settled at 83.16 against the dollar. Forex markets were closed on Monday on account of Christmas.
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Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the Indian rupee depreciated on recovery in the US dollar and FII outflows. However, positive domestic markets and a decline in crude oil prices cushioned the downside. He said the rupee is expected to trade with a slight positive bias amid rising expectations of a reduction in interest rates by the US Federal Reserve.
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“However, demand for the US dollar from imports and selling pressure from FIIs may cap the upside. Geopolitical tensions in the Red Sea may also weigh on rupee at higher levels. Traders may take cues from house price index data from the US. USD-INR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50,” Choudhary added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent higher at 101.35 on Tuesday. Global oil price benchmark Brent crude inched up 0.03 per cent to USD 79.09 per barrel. In the domestic equity market, the 30-share BSE Sensex rose by 229.84 points or 0.32 per cent to settle at 71,336.80. The broader NSE Nifty climbed 91.95 points or 0.43 per cent to 21,441.35.
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The RBI data released on Friday showed that India’s forex reserves jumped USD 9.112 billion to USD 615.971 billion in the week ended December 15 and the quantum of increase was one of the highest for a week. Foreign institutional investors (FIIs) bought equities worth Rs 6,174.15 crore and sold equities worth Rs 6,269.35 crore, resulting in net outflow of Rs 95.20 crore on Tuesday, according to exchange data.
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Rupee earlier in the month came under pressure and fell to fresh all-time lows after data showed trade deficit widened to the highest level in 10-months to $24.2 in August as compared to $20.7 billion in the previous month. At the end of the week, there was an announcement that came in from JP Morgan to include India into its emerging market bond indexCome from Sports betting site. The index provider will add the securities to the JPMorgan Government Bond Index-Emerging Markets starting June 28, 2024 and will have a weightage of a maximum weight of 10% on the index. The inclusion is likely to prompt flows of close to $30billion thereby lending strength to the rupee. In line with expectation the Federal Reserve held rates unchanged but hinted for one more rate hike in this year. Recent indicators suggest that economic activity has been expandi…
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The May series Nifty futures is currently trading with a premium of around 120 points.
For the Index futures, FII Net Index Long exposure is at 35% which is more or less at around the same levels for quite some time now.Come from Sports betting site
The indices managed to find support around lower levels after a decent profit taking from record highs.
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Going forward, we believe, 21700-800 might be the major support and only a decisive close below it might bring in some downside.
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