Noida, Sep 18 (APAC Media): The rupee strengthened 16 paise to ₹95.73 against the US dollar in early trade on Friday, helped by positive domestic equities and softer crude oil prices.
At the interbank foreign exchange market, the rupee opened at ₹95.75 against the dollar and later touched ₹95.73, up 16 paise from its previous close.
On Thursday, the domestic currency had settled at ₹95.89 against the US dollar.
The rupee has, however, remained under pressure in recent sessions, declining 150 paise, or nearly 1.5 per cent, over the previous eight trading sessions from its September 4 closing level of ₹94.43.
Market sentiment received some support from lower crude oil prices. Brent crude, the global oil benchmark, was trading 0.93 per cent lower at $103.85 a barrel in futures trade.
A decline in crude prices is generally positive for the rupee as lower oil costs can help ease India’s import bill.
Domestic equity markets also began positively. The 30-share BSE Sensex rose 122.18 points, or 0.16 per cent, to 74,436.77, while the NSE Nifty advanced 23.55 points, or 0.10 per cent, to 23,294.15.
Foreign institutional investors remained net sellers in the Indian equity market, offloading shares worth ₹3,208.76 crore on a net basis on Thursday, according to exchange data.
Meanwhile, the dollar index, which gauges the greenback’s strength against six major currencies, was marginally lower at 99.97.
The rupee’s movement is likely to remain sensitive to global oil prices, foreign fund flows, the US dollar and developments in global interest rates.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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