On Tuesday, the Indian Rupee Began to Rise Against the US Dollar

The Indian rupee began higher against the US dollar on Tuesday after falling to a 12-month low of 83.28 on Monday evening due to rising oil prices and market concerns caused by the ongoing Israel-Hamas conflict.

The Indian rupee gained six paise in early trade on Tuesday morning to open at 83.22 (Dh22.67) against the US dollar. On Monday, it was worth Rs 83.28 versus the US dollar.

Indian Equities Opened Higher:

Indian equities opened higher, powered by banks, as top lender HDFC Bank posted a net profit in the September quarter, while global markets rebounded and oil prices moderated.

As of 9:19 a.m. IST, the NSE Nifty 50 index (.NSEI) was up 0.44% at 19,818.15, while the S&P BSE Sensex (.BSESN) was up 0.46% at 66,471.84.

The Mumbai-Based Bank Says:

The rupee should benefit “at the margin” from oil and the dollar. Still, the Reserve Bank of India remains “the overwhelming factor” in the market, according to a currency trader at a Mumbai-based bank.

According to dealers, the Indian central bank’s regular intervention keeps the rupee from falling below its record low of 83.29 and keeps the currency in a limited range.

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