In early trading, the Indian rupee climbs 14 paise to 79.77 against the US dollar
Forex traders warned that increased oil prices, month-end importer demand, and concerns about a worldwide recession could limit the gains for the local currency.
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Early on Thursday, the rupee strengthened 14 paise to 79.77 against the US dollar, after the overnight decline of the American currency.
Forex traders warned that increased oil prices, month-end importer demand, and concerns about a worldwide recession could limit the gains for the local currency.
The rupee gained 14 paise from the previous close to start trading at 79.77 versus the American dollar at the interbank foreign exchange, where it had begun at 79.80. The rupee lost 13 paise on Wednesday to end the day at 79.91 against the US dollar.
"Rupee started off a little bit stronger than it did on Wednesday. The US FED raised interest rates by 75 basis points and stated that its goal is to drive inflation down to 2% while also adopting a somewhat dovish stance "according to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors. Bhansali also pointed out that Asian currencies were up while the Dow Jones and other indices were all up.
The dollar would continue to be strong until it exceeds the 105 level, he predicted, even though the dollar index dropped below 107 levels. Bhansali also pointed out that Asian currencies were up while the Dow Jones and other indices were all up.
The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.222% to 106.21. Brent crude futures, the global standard for crude oil, increased 0.83 percent to USD 107.50 a barrel.
The 30-share Sensex was up 464.87 points, or 0.83 percent, at 56,281.19 on the domestic stock front, while the larger NSE Nifty was up 118.45 points, or 0.71 percent, at 16,760.25.
According to exchange data, foreign institutional investors continued to be net sellers on Wednesday in the capital market, selling shares worth Rs 436.81 crore.
