Rupee Closes At 3-Week High Of 73.16 Against Dollar: 10 Things To Know
- The rupee had opened higher at 73.18 against the American currency on Wednesday, sharply higher than its previous close of 73.57.
- Suspected intervention by the Reserve Bank of India (RBI) in the forex market helped the rupee rise to 73 levels against the greenback, say analysts.
- “RBI providing support to the rupee around the 74/dollar mark means that the rupee could hover in the range of 73 to 74 for the time being,” Jaikishan Parmar, senior equity analyst at Angel Broking, told NDTV.
- Falling crude oil prices eased concerns over forex outflows and supported selling of the US currency by exporters.
- The greenback's weakness against some currencies overseas also helped the recovery in the domestic currency.
- Crude oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming US sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed.
- Brent, the global benchmark for crude oil, was up 52 cents at $76.96 a barrel at 1:25 pm. It fell earlier in the day to $75.11 - the lowest since August 24.The domestic unit however pared some gains and settled the day up by 41 paise at 73.16 against the US dollar, a level not seen since October 1.
- Meanwhile, domestic equity markets reversed the declining trend witnessed in the past four consecutive sessions, with the Sensex rising 186 points to close above the key 34,000 mark on Wednesday.
- "The rupee could outperform its peers if crude prices manage to sustain at current levels," said IFA Global, a forex advisory firm. IFA Global expects the rupee to move in a likely range of 73.00-73.38 with a downside bias against the greenback.
- On Tuesday, the local currency had ended almost flat at 73.57 against the US currency.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
