Rupee trades in narrow range against U.S. dollar in early trade
The Hindu
Global oil benchmark Brent crude futures gained 0.12% to $97.28 per barrel
The rupee was trading in a narrow range against the United States dollar in opening trade on Thursday amid a rally in the equity markets.
At the interbank foreign exchange, the rupee witnessed range-bound trading in early deals. It opened at 79.22 against the U.S. dollar, then fell to 79.31, registering a decline of 6 paise over the last close.
It was moving in a tight range of 79.22-79.31 in the morning trade.
On Wednesday, the rupee rebounded by 38 paise to close at 79.25 against the U.S. currency.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.16 per cent to 105.36 after official data showed that U.S. inflation slowed down from a 40-year high in June to 8.5% in July on lower gasoline prices.
Meanwhile, global oil benchmark Brent crude futures gained 0.12% to $97.28 per barrel.
Forex traders said the rupee is likely to trade on a mixed note. Recovery in domestic markets from lower levels and FII inflows may support the local unit.
The decline in India’s net foreign direct investment (FDI) inflows, which have dropped almost 31% to $25.5 billion over the first ten months of 2023-24, is in line with the slowdown in such investments to developing countries, the Finance Ministry has said, while holding out hope for an uptick in investments this year.