Active Stocks
Fri Mar 01 2024 15:59:51
  1. Tata Steel share price
  2. 150.00 6.46%
  1. State Bank Of India share price
  2. 769.30 2.67%
  1. Tata Motors share price
  2. 977.20 2.78%
  1. ITC share price
  2. 409.50 0.74%
  1. ICICI Bank share price
  2. 1,086.90 3.18%
Business News/ Markets / Stock Markets/  Rupee rises 27 paise to end at one month high of 82.10 against US dollar
BackBack

Rupee rises 27 paise to end at one month high of 82.10 against US dollar

The dollar hovered around multi-week lows against the euro and sterling on Wednesday, after unexpectedly soft US inflation data cemented the view that the Federal Reserve will not raise interest rates later in the day.

The dollar index, which measures the currency against six major peers, was little changed at 103.26.Premium
The dollar index, which measures the currency against six major peers, was little changed at 103.26.

The Indian rupee strengthened 27 paise against the US dollar Wednesday to end at one month high levels on likely corporate dollar inflows and increased expectations of a pause at the Federal Reserve's policy decision. The local currency ended at 82.10 a dollar, 27 paise higher than the previous close of 82.37. 

During the day, rupee hit an intraday peak of 82.0825 per dollar, its highest since May 11. The rupee notched gains for a fourth consecutive session, rising 0.34% in the day, its best daily performance since June 1.

The dollar hovered around multi-week lows against the euro and sterling on Wednesday, after unexpectedly soft US inflation data cemented the view that the Federal Reserve will not raise interest rates later in the day, Reuters reported.

Also Read: US FOMC meet outcome Live: Federal Reserve likely to hold interest rates

The dollar index - which measures the performance of the US currency against six others - was flat at 103.20, after touching its lowest since May 22 overnight at 103.04.

“The Indian rupee reached a new high, but traders remained cautious ahead of the Federal Reserve rate decision. Strong fundamentals, sustained FII inflows, and a weakening dollar contribute to the rupee's strength. The RBI's Variable Repo Operations and foreign institutional investors' net buying further support the appreciation bias.," said Ajay Kedia, Director, Kedia Advisory.

The outlook suggests the rupee may test the 81.85 level following the Fed's meeting, he added.

On the domestic front, the Indian benchmark equity indices ended in the green, extending their winning run into the third consecutive session ahead of the US Federal Reserve's interest rate decision.

The Sensex gained 85.35 points, or 0.14%, to close at 63,228.51, and the Nifty ended 39.75 points, or 0.21%, higher at 18,755.90.

On Monday, the Foreign Institutional Investors (FII) purchased Indian shares worth 1,677.60 crore, while the Domestic Institutional Investors (DII) sold Indian shares worth 203.32 crore, as per the data on the exchanges.

(With inputs from Reuters)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 14 Jun 2023, 09:10 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie