Before the release of inflation data in the US, the US dollar index was on a declining trend. Inflation figures were released after the close of trading for the day. According to these data, US inflation declined from a 40-year high in June to 8.5 percent in July.
The rupee opened at 79.59 and closed at 79.25 in the interbank foreign exchange market. In this way, the rupee registered a gain of 38 paise in the day’s trading.
In the previous trading session, the rupee had closed at Rs 79.63 per dollar on Monday. The market was closed on Tuesday due to ‘Muharram’.
Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said, “The rise in the Indian rupee was mainly due to the weakening of the US dollar and weakness in crude oil prices. However, the rupee’s gains were limited due to risk aversion in global markets.”
Jatin Trivedi, Vice President and Research Analyst, LKP Securities said that since the US inflation data is low, the dollar index was trading weakly below 106. He said that the rupee may remain in the range of 79.30-79.80.
Meanwhile, the dollar index, reflecting the strength of the dollar against the world’s six major currencies, was down 0.18 per cent at 106.18.
International oil standard Brent crude fell 1.10 percent to $ 95.25 per barrel.
Foreign Institutional Investors (FIIs) are re-introducing capital into the Indian market.
According to available data, foreign investors bought shares worth a net Rs 1,061.88 crore on Wednesday.
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