In the latest trading session, the Indian rupee demonstrated a slight uptick, gaining 2 paise against the US dollar. The interbank foreign exchange witnessed the rupee opening at 83.37 and later touching 83.38, marking a 2-paise increase from its previous close.
Factors Driving the Appreciation
The surge in the rupee’s value can be attributed to the weakness observed in the American currency and the influx of foreign funds into the domestic equities market. Forex traders highlight the positive sentiment prevailing in the domestic equity markets and the favorable impact of lower crude oil prices on the Indian currency.
Previous Close and Current Trends
In the preceding trading session, the rupee settled at 83.40 against the American currency. The current appreciation of 2 paise signifies the ongoing dynamics in the foreign exchange market.
Support from Domestic Factors
The positive sentiment in the domestic equity markets, coupled with lower crude oil prices, has contributed to the rupee’s rise. This aligns with the ongoing trends in global markets, impacting the exchange rate between the Indian rupee and the US dollar.
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