In the early hours of Monday, the Indian rupee exhibited resilience, appreciating by 7 paise to reach 82.96 against the US dollar (23.04 UAE dirhams).
The positive momentum was attributed to the weakened American currency in the global markets and continuous foreign fund inflows, instilling confidence among investors.
Factors Driving Rupee’s Surge:
The rupee’s upward movement was primarily influenced by the ongoing depreciation of the US dollar on the international stage.
Simultaneously, the steady influx of foreign funds into the Indian market further bolstered investor sentiment, contributing to the rupee’s gains.
Domestic Equities Present Muted Trend:
Despite the favorable external factors, the rupee’s ascent was tempered by a subdued trend in the domestic equity markets.
Forex traders noted that the local unit’s gains were somewhat constrained due to a lackluster performance in domestic stocks during early trade.
Interbank Exchange Highlights:
The interbank foreign exchange market witnessed an optimistic start for the rupee, with an opening rate of 82.97 against the US dollar (23.047 UAE dirhams), reflecting a 6-paise increase.
The initial trading range for the rupee fluctuated between 82.95 and 83.02 (23.04-23.06 UAE dirhams), indicating early volatility.
Current Rupee Status:
The rupee maintained its positive trajectory as trading progressed, settling at 82.96 against the US dollar in the initial deals.
This marked a gain of 7 paise compared to its previous close, underlining the currency’s robust performance early in the trading session.
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