The Indian Rupee Strengthened Slightly Against the US Dollar as Positive Market Sentiment Prevails
The Indian rupee closed 3 paise higher at 83.60 against the US dollar, supported by a positive trend in domestic equities and a weaker greenback globally. Despite net foreign fund outflows limiting gains, the rupee opened stronger at 83.59 and briefly touched 83.51 during the session before settling at 83.60. This increase follows a 9 paise fall on Tuesday.
Market analyst Jateen Trivedi attributed the rupee’s strength to a weak dollar index and positive sentiment in Indian markets. The Sensex and Nifty also posted gains, with the Sensex hitting an all-time high and Nifty reaching a record level. The dollar index rose marginally to 100.52, while Brent crude futures fell slightly to 74.98.
Foreign Institutional Investors were net sellers on Tuesday, selling shares worth Rs 2,784.14 crore. The Asian Development Bank maintained India’s growth forecast at 7% for the fiscal year, expecting an acceleration in the economy due to improved farm output and increased government spending.
Published on 25 September 2024, 10:58 IST.
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