In early trade on Friday, the rupee started out well and increased 15 paisas to 81.15 against the US dollar. The rupee started out stronger, according to forex traders, following gains in the non-deliverable forward (NDF) markets.
The local unit began trading at 81.24 versus the dollar on the interbank foreign exchange, then advanced further and reached 81.15, gaining 21 paise from its previous finish.
It reached a settlement rate of 81.36 to the dollar on Thursday.
The dollar index, which measures the strength of the dollar against a basket of six different currencies, increased 0.09 percent to 102.15.
The benchmark for world oil, Brent crude futures, increased 0.65% to USD 86.72 a barrel.
Sriram Iyer, a senior research analyst at Reliance Securities, claims that the rupee started off Friday’s trading session stronger, reflecting gains in the NDF markets. On Thursday, the NDF reached a low of 81.1650. However, Iyer warned that rising crude oil prices, risk-off attitudes in the face of growing concerns about global economic growth, and a sluggish start for Asian and developing market counterparts this Friday might limit gains.
Iyer predicted that the currency could see modest gains for the week thanks to dollar inflows and a falling dollar index.
The 30-share BSE Sensex was down 94.17 points, or 0.15 percent, at 60,764.26 on the domestic equity market. The larger NSE Nifty fell 18.082.70 points, or 0.14 percent. According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers on Thursday in the capital market, buying shares worth Rs 399.98 crore.
Thanks for visiting Mapping Returns!
