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Business News/ Markets / Stock Markets/  Rupee ends 4 paise higher at 83.24 against the US dollar
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Rupee ends 4 paise higher at 83.24 against the US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.51% lower at 106.34.

Rupee opened 7 paise higher at 83.21 a dollar as compared to previous close of 83.28. (Photo: AFP)Premium
Rupee opened 7 paise higher at 83.21 a dollar as compared to previous close of 83.28. (Photo: AFP)

The Indian rupee ended 4 paise higher against the US dollar on Thursday helped by a softer American currency amid a pullback in US Treasury yields. The local unit closed at 83.24 a dollar compared with its previous close of 83.28.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower at 106.18, while the 10-year US Treasury yield declined to 4.71% after the US Federal Reserve left interest rates unchanged.

However, dollar demand from importers, including local oil companies, curbed gains in the local currency.

On Wednesday, the rupee settled at an all-time low level of 83.28 against the US dollar.

“A wider trade deficit, elevated oil and gold prices and equity outflows are all contributing to strong local dollar demand," said Sajal Gupta, head of forex and commodities at Nuvama Wealth Management's institutional desk.

Despite the pressures, the RBI is likely to keep defending the unit, keeping it near its current levels, Gupta added.

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Investors now await US initial jobless claims due later in the day for cues on the health of the labour market in the world's largest economy.

Meanwhile, Brent crude futures, the global oil benchmark, rose 1.10% to $85.56 per barrel.

On the domestic front, the Indian stock market indices ended higher amid positive global cues after the US Fed maintained a pause on interest rates, fuelling expectations that the central bank is done with rate hikes.

The 30-share BSE Sensex ended 489.57 points, or 0.77%, higher at 64,080.90, while the broader NSE Nifty 50 rallied 144.10 points, or 0.76%, to close at 19,133.25.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth 1,816.91 crore, according to exchange data.

(With inputs from Reuters)

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: 02 Nov 2023, 10:54 AM IST
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