Rupee ends 5 paise higher at 83.33 against the US dollar | Mint
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Business News/ Markets / Stock Markets/  Rupee ends 5 paise higher at 83.33 against the US dollar
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Rupee ends 5 paise higher at 83.33 against the US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07% lower at 103.97.

Rupee ended at 83.33 a dollar as compared to previous close of 83.38.Premium
Rupee ended at 83.33 a dollar as compared to previous close of 83.38.

The rupee appreciated 5 paise against the US dollar on Wednesday led by a bullish trend in domestic equities and sustained foreign fund inflows. The local currency ended at 83.33 a dollar as compared to previous close of 83.38.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07% lower at 103.97.

On Tuesday, the rupee settled at 83.37 against the dollar.

Elevated greenback in the overseas markets and dollar buying by the Reserve Bank of India (RBI) capped sharp gains for the local unit, forex traders said.

“We expect the rupee to trade with a slight negative bias on positive tone in the US Dollar and fresh foreign inflows. A weak tone in crude oil prices and positive domestic markets may also support the rupee," said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

“However, the RBI intervention may cap the sharp upside. Traders may take cues from US ADP Trade balance and non-farm employment change data. Investors may remain cautious ahead of RBI's monetary policy decision on Friday," he added.

Investors remained on the sidelines ahead of the Reserve Bank of India’s (RBI) monetary policy decision later this week.

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The central bank is expected to maintain the status quo on the short-term interest rate in its monetary policy review.

The Monetary Policy Committee (MPC) headed by the RBI Governor Shaktikanta Das is scheduled to begin its three-day deliberations on December 6. Governor Das will unveil the MPC decision on December 8.

Meanwhile, Brent crude futures, the global oil benchmark, fell 1.08% to $76.37 per barrel.

On the domestic front, the Indian equity benchmark indices extended their record-setting spree into the third consecutive session on Wednesday, as sentiment remained bullish on the expectations of political stability after General Elections 2024 and a strong economic growth outlook.

The Sensex surged 357.59 points, or 0.52%, to end at 69,653.73, while the Nifty 50 settled 82.60 points, or 0.40%, at 20,937.70.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth 5,223.51 crore, according to exchange data.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 06 Dec 2023, 11:37 AM IST
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