Indian Rupee has strengthened by 9 paise, closing at 83.44 against the US Dollar

Forex traders affirmed that a weak US dollar against major currencies Rupee overseas also bolstered the domestic unit. However, they pointed out that the sharp gain was restrained by elevated crude oil prices and continuous outflows of foreign funds. Additionally, they mentioned that market participants maintained caution ahead of the Reserve Bank’s rate-setting panel’s impending decision, scheduled to be announced on Friday.

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Interbank Forex Market: Rupee Opens at 83.44, Hits High of 83.42

At the interbank foreign exchange market, the domestic currency commenced trading at 83.44 against the US dollar. Throughout the day, it reached a high of 83.42 and a low of 83.46. Eventually, the local currency concluded at 83.44 (provisional) against the dollar, marking an increase of 9 paise compared to its previous close. On the preceding Wednesday, the rupee had weakened by 11 paise to finish at 83.53 against the US dollar. Traders noted that market participants are eagerly anticipating the Reserve Bank of India’s Monetary Policy Committee (MPC) decision for further guidance. The Reserve Bank’s rate-setting panel commenced its three-day discussions on the forthcoming monetary policy on Wednesday.

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Brent Crude Futures Slip Slightly to $89.23 Per Barrel Amid Global Oil Market Trends

Brent crude futures, the globally recognized oil benchmark, experienced a 0.13% decline, reaching USD 89.23 per barrel. In the domestic stock market, the Sensex surged by 350.81 points, or 0.47%, achieving a record high of 74,227.63. The Nifty also saw an increase of 80.00 points, or 0.36%, settling at its all-time peak of 22,514.65.

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