New Delhi: The Indian rupee strengthened on Thursday, tracking gains in domestic indices. In the interbank foreign exchange market, the domestic unit opened 27 countries higher at 75.94 against the US dollar compared to the previous 76.21, the PTI news agency reported. It hit a two-week high on Wednesday.
The rupee has strengthened as the dollar weakened after the US Federal Reserve decided to raise interest rates. The U.S. central bank has raised rates by 25 basis points (bps) and cited similar increases in the future.
The dollar index, which continues to be the currency against six major peers, remained weak today after falling 0.47 percent on Wednesday from 0.12 percent to 98.360.
Currency Desk, Emkay Global Financial Services: “The Fed announced a new start by raising interest rates by 25 bps for the first time in two years, assessing the impact of the darkest inflation on the US economy. About 1.9 percent in 2022 and 2.8 percent in 2023 The dollar index did not rise, despite a bad Fed, as investors assessed the risk of stagflation for the US economy as the Fed lowered its GDP growth forecast to 2.8 per cent from 2022 to 4 per cent in December. and is expected to trade between 75.70-76.30 due to the weakness of the dollar index and positive global sentiment. “
Amit Pabari, managing director of CR Forex, said: expected to rise above 77.00 levels in the short and medium term before returning. “
Domestic stock markets were trading on a strong note with BSE Sensex and NSE Nifty more than 1.5 per cent, respectively.
Rising crude oil The International Energy Agency (IEA) said the fall in oil demand due to high prices would not offset the shutdown of Russia’s oil supply, but not enough to offset the previous day’s decline.
Crude Brent futures rose about 66 cents, or 0.67 percent, to $ 98.68 a barrel, compared to a peak of $ 129.30 last. U.S. West Texas Intermediate (WTI) crude rose 84 cents, or 0.86 percent, to $ 95.86 a barrel, up from a high of $ 124.58 earlier this month.