Odisha News Hour

Rupee Gains 7 Paise Against US Dollar to Close at 83.23

<p>The US dollar’s weakness in the foreign exchange market and the upward trend in local markets helped the rupee gain 7 paise to settle at 83.23 versus the US dollar on Thursday.</p>
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<p>However, significant increases for the local unit were restrained by increasing crude oil prices, according to FX brokers.</p>
<p>The local currency started the day flat against the US dollar at 83.30 on the interbank foreign exchange market.</p>
<p>The rupee fluctuated against the US dollar, closing at 83.23, up 7 paise from its previous finish, after reaching an intraday low of 83.32 and a high of 83.21.</p>
<p>Following a lower dollar and conflicting signals from the Federal Open Market Committee (FOMC) meeting minutes, the rupee rose for the second day in a row.</p>
<p>“Service that exceeded expectations The euro strengthened against the US dollar due to the PMI result. Following Eurozone statistics, the rupee gained value along with other Asian currencies. “Spot USD/INR is expected to consolidate between 83.10 and 83.50,” said Dilip Parmar, Research Analyst at HDFC Securities, “but the local unit trimmed the afternoon gains amid higher crude oil prices and importersā€™ dollar demand.”</p>
<p>The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was down 0.32 percent at 102.16 in the meanwhile.</p>
<p>The benchmark for global oil, Brent crude futures, increased by 1.05 percent to USD 79.07 a barrel.</p>
<p>Regarding the local stock market, the Sensex reached 71,847.57 points, up 490.97 points, or 0.69 percent. To reach 21,658.60 points, the Nifty increased by 141.25 points, or 0.66 percent.</p>
<p>According to exchange statistics, foreign institutional investors (FIIs) sold shares worth Rs 666.34 crore on Wednesday, making them net sellers in the capital markets.</p>
<p>In terms of internal macroeconomics, despite low inflation, India’s manufacturing sector growth reached an 18-month low in December due to a less robust rise in industrial orders and production.</p>
<p>According to S&P Global’s HSBC India Manufacturing PMI survey, factory orders and production increased, although they did so more subtly than before, and company optimism in the forecast for the next year increased.</p>