Rupee recovers from record lows

| | Mumbai
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Rupee recovers from record lows

Wednesday, 29 November 2023 | PTI | Mumbai

The rupee on Tuesday rebounded from record low levels, gaining 6 paise to settle at 83.34 against the US dollar amid positive sentiment in the equity markets and inflow of foreign funds.

Forex traders said a weak American currency against major rivals and crude prices hovering close to USD 80 per barrel level also supported the Indian currency.

At the interbank foreign exchange market, the local unit opened at 83.37 and moved in the range of 83.32 to 83.39 against the greenback in intra-day trade.

It finally settled at 83.34 against the dollar, registering a gain of 6 paise from its previous close.

On Friday, the rupee settled at its all-time low of 83.40 against the American currency. The forex market was closed on Monday on account of Guru Nanak Jayanti.

Dilip Parmar, Research Analyst, HDFC Securities, said: "Indian rupee started the week on a positive note as the greenback retreated against major currencies after weak US economic data. However, the month-end dollar demand has contained the gains in the rupee.

He said the price action in USD-INR remained muted and lacked direction. "In the short term, the pair has support at 83.20 and resistance at 83.50."

"Rupee is expected to move in a range of 83.25 to 83.50 tomorrow (Wednesday). Market awaits for US consumer confidence and PCE price index, a data closely watched by (US) FED for inflation purpose, apart from US GDP this month," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 103.18.

Brent crude futures, the global oil benchmark, rose 1.18 per cent to USD 80.92 per barrel.

On the domestic equity market front, Sensex climbed 204.16 points, or 0.31 per cent, to settle at 66,174.20 points. The Nifty advanced 95.00 points, or 0.48 per cent, to 19,889.70 points.

Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 783.82 crore, according to exchange data.

Also, the country's forex reserves increased by USD 5.077 billion to USD 595.397 billion during the week ended November 17, the Reserve Bank said on Friday.

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