Indian Rupee Strengthens, Gaining 8 Paise Against US Dollar, Now at 82.93

14 Sep, 2023

Indian Rupee Strengthens, Gaining 8 Paise Against US Dollar, Now at 82.93

In early Thursday trading, the Indian Rupee gained 8 paise against the US Dollar, reaching a rate of 82.93, driven by positive domestic equities. Forex experts note that the Rupee's performance against the Dollar remains in a narrow range due to support from strong domestic equities being counteracted by high crude oil prices and a robust US Dollar.

Opening at 82.98 against the Dollar in interbank foreign exchange, the Rupee touched 82.93, marking an 8-paise increase compared to the previous day's close at 83.01.

Simultaneously, the Dollar Index, a measure of the Dollar's strength against a basket of six major currencies, dipped by 0.13 percent to 104.62.

Brent crude futures, the global oil benchmark, rose by 0.37 percent to reach USD 92.22 per barrel.

Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, observed that the Rupee faced selling pressure on Wednesday as oil companies continued their USD buying spree. He also noted that the Reserve Bank of India (RBI) seemed to intervene in the market, selling US Dollars at levels of 83 and above.

Looking ahead, as the market anticipates US retail sales data, experts expect the Rupee to maintain a range-bound trading pattern.

In the domestic equity market, the BSE Sensex gained 189.01 points, or 0.28 percent, reaching 67,656, while the broader NSE Nifty increased by 61.45 points, or 0.31 percent, reaching 20,131.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday, with data from exchanges indicating that they offloaded shares worth Rs 1,631.63 crore.