Rupee rises 4 paise to close at 83.95 against U.S. dollar
The Hindu
Rupee strengthens against the dollar amid positive equities and foreign fund inflows, with RBI intervention noted.
The rupee traded in a narrow range to settle 4 paise higher at 83.95 (provisional) against the U.S. dollar on Thursday (September 12, 2024) amid a positive trend in domestic equities and foreign fund inflows.
Forex traders said the rupee trade was range-bound, with a slight positive bias toward positive domestic equities. However, a rebound in the U.S. Dollar and a surge in crude oil prices capped sharp gains.
The USD/INR pair traded within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added.
At the interbank foreign exchange market, the local unit opened at 83.97 and witnessed an intraday high of 83.95 and a low of 83.99 against the American currency.
The domestic unit finally settled for the day at 83.95 (provisional), higher by 4 paise over its previous close.
On Wednesday (September 11, 2024), the rupee settled 1 paisa lower at 83.99 against the American currency.
"We expect the rupee to trade with a slight negative bias on the positive U.S. Dollar and a recovery in crude oil prices. However, a rise in risk appetite in global markets may support the rupee. Any intervention by the RBI may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
Kharif crop sowing and healthy monsoon expected to boost food production, rural demand, and reduce inflation in 2024-25.
Air India's new policy requiring cabin crew to share hotel rooms raises concerns over rest and privacy during long-haul flights.
Adani Enterprises Ltd merges subsidiaries to boost green energy projects, including solar, wind, and hydrogen technologies.
Anup Gupta appointed new Chairman of Bombay Stock Exchange Brokers' Forum, bringing financial expertise and global engagement.
CII collaborates with MCA to implement PM Internship Scheme, offering one crore youth hands-on industry experience for employability.
Global investors are cautiously optimistic about China's economic revival, attracted by low valuations and government stimulus measures.
Make in India policy aims to boost manufacturing sector GDP share and create industrial jobs, but outcomes show stagnation and decline.
SEBI pushes for tax breaks on municipal bonds, proposes measures to tighten rules in derivatives market.
NMDC raises iron ore prices by ₹400/tonne, impacting lump ore at ₹5,750/tonne and fines at ₹5,010/tonne.
Central government appoints new members to the Monetary Policy Committee for a four-year term, including RBI representatives and government appointees.
India's GST collections hit a 40-month low in September, with revenues of ₹1,73,240 crore, showing slow growth.