Noida, Aug 6 (APAC Media): The Indian rupee declined by 9 paise to 95.17 against the US dollar in early trade on Thursday, weighed down by continued demand for the greenback and cautious sentiment in global markets.
The domestic currency opened lower in the interbank foreign exchange market and slipped further from its previous close as traders reacted to a stronger US dollar and ongoing uncertainty in international markets.
RBI MPC Decision: Repo Rate Unchanged at 5.25%; FY27 GDP Growth Forecast at 6.7%
Currency dealers said foreign fund outflows and increased dollar buying by importers put pressure on the rupee despite a decline in global crude oil prices, which usually provide support to the Indian currency by easing import costs.
Market participants noted that geopolitical concerns and expectations surrounding global monetary policy continued to influence investor sentiment, keeping the rupee under pressure during the opening session.
Meanwhile, domestic equity markets traded with modest gains, helping limit the rupee’s losses to some extent.
Analysts said the currency is expected to remain sensitive to movements in the US dollar, foreign portfolio investment flows, and crude oil prices in the coming sessions.
Investors will also closely monitor upcoming global economic data and central bank signals for additional guidance on the direction of the foreign exchange market.
–ENDS–
Disclaimer:Â This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
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