The Indian rupee maintained a steady range and ended 1 paisa higher against the US dollar at 83.29 on Thursday, despite negative trends in domestic equities and continued outflows of foreign funds. The rupee’s day began at 83.25 and ultimately settled at 83.29 against the US dollar, marking a marginal gain of 1 paisa compared to its previous close. Throughout the trading day, the rupee remained within a narrow range, reaching its peak at 83.25 and touching its lowest point at 83.30 against the American currency. On the preceding day, the rupee had concluded at 83.30 against the US dollar.
US Federal Reserve Chair Powell’s Wednesday speech did not provide insights into the Federal Reserve’s monetary policy course. However, market participants are eager to glean clues about monetary policy direction from Powell during a panel discussion on Thursday. Market analysts anticipate that the rupee is likely to persist in a range-bound trading pattern in the near-term, oscillating between Rs 82.80 and Rs 83.50. According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the rupee is expected to remain in a similar range between 83.20 and 83.35, considering the approaching holiday season with some markets closing on the 13th and most on the 14th.
The dollar index, which measures the strength of the US dollar against a basket of six currencies, showed a marginal decline of 0.01 percent, standing at 105.58. Additionally, Brent crude futures, the global benchmark for oil, witnessed a 0.96 percent increase, reaching USD 80.30 per barrel. On the domestic stock market front, the BSE Sensex closed 143.41 points or 0.22 percent lower at 64,832.20 points, while the broader NSE Nifty saw a decline of 48.20 points or 0.25 percent, closing at 19,395.30 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday, offloading shares valued at Rs 1,712.33 crore, according to exchange data.
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