The rupee strengthened by 26 paise to 81.67 against the US dollar in early trade on Thursday due to the fall in the US dollar from higher levels. On the Interbank Foreign Exchange, the domestic unit opened at 81.72 against the dollar, then recovered to 81.67, registering a rise of 26 paise from its previous close.
The rupee strengthened in early trade on broad-based dollar weakness. IFA Global Research Academy said in a research note that it is likely to trade in the range of 81.55-81.85 with sideways price action. The dollar index fell 0.41 percent to 105.63 against a basket of six currencies followed by weak US data and the release of Fed minutes.
According to the IFA Global Research Academy, "Minutes of the Fed's latest meeting indicated that most Fed members were in favor of slowing the pace of rate hikes, but 'various' Fed members preferred to hold rates as well.
The US dollar fell after the release of the minutes of the FOMC meeting on Wednesday, according to Ravindra Rao, the analyst at Kotak Securities. This was earlier than expected, indicating that most policymakers were with a view of slower rate hikes as the Fed's recent accommodative stance has hurt economic growth.
In the previous session, the US dollar index closed near the day's low of 106.03, a loss of over 1%. Although the Fed's minutes signaled an end to the jumbo rate hikes, policymakers appeared uncertain about when the rate hikes would end. A small rate hike by the Fed is positive for risk-averse as well as haven assets like gold as it supports dollar weakness.
Global oil benchmark Brent crude futures fell 0.21 percent to $85.23 a barrel. In the domestic equity market, the 30-share BSE was trading 180.14 points or 0.29 percent higher at 61,690.72. Similarly, the broader NSE Nifty rose 66.50 points, or 0.36 percent, to 18,333.75. Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, selling shares worth a total of Rs 789.86 crore, according to exchange data.
Also Read: India-Aus FTA: India-Australia trade deal will create one million jobs, said- Piyush Goyal
The Australian cricket team has made several changes to its team for the fourth and fifth Tests a
Former US President Bill Clinton infected with Corona, tweeted information
Former US President Bill Clinton made a tweet on Wednesday. He said that his corona infection rep
Two more hotels have leaned towards each other in Joshimath, Uttarakhand. Their names are Snow Cr
Punjabi singer Sidhu Moosewala's mother Charan Kaur and father Balkaur Singh left for the UK on F
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday made a big announcement say
Even before the first ray of the sun appeared in the holy city of Prayagraj, amidst dense fog and
There is tremendous excitement among the fans about the three-match ODI series between India and
The Central Government is going to introduce the Waqf Amendment Bill, 2024 in the Lok Sabha on We
BJP leader Devendra Fadnavis will be the next CM of Maharashtra. Devendra Fadnavis' name has been
The Modi government presented the first budget of its third term today i.e. on 23 July. During th
