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Rupee rises 16 paise to 85.41 against US dollar in early trade
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....upee rises 16 paise to 85.41 against US dollar in early trade<BR>PTI News<BR>Dated:- 19-5-2025<BR>PTI<BR>Mumbai, May 19 (PTI) The rupee appreciated 16 paise to 85.41 against the US dollar in early trade on Monday, supported by a weak American currency in the overseas market and strong foreign fund inflows. Forex traders said the rupee is expected to trade in a narrow range as Brent oil prices ti....
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....cked lower amid oversupply concerns, US-Iran nuclear deal talks, while investors awaited the China Factory data. Investors were also cautious as global rating agency Moody's downgraded US investment grade rating, they added. At the interbank foreign exchange, the domestic unit opened at 85.43 against the greenback, then rose to 85.41, registering a gain of 16 paise over its previous close. I....
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....n initial trade, the local unit also touched 85.61 against the American unit. On Friday, the rupee pared its gains and settled 3 paise lower at 85.57 against the dollar. "The pair is expected to trade in the 85–85.80 range. If the dollar dips due to concerns from the US credit rating downgrade, the rupee could see some upside. Steady foreign inflows may also help support the currency," CR Fo....
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....rex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.28 per cent at 100.81. Brent crude, the global oil benchmark, fell 0.43 per cent to USD 65.13 per barrel in futures trade. "Compounding the pressure, crude oil prices remain elevated, with Brent hovering around USD 65 per barrel. As o....
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....ne of the world's largest oil importers, India faces the dual challenge of a widening trade deficit and increased dollar demand — factors that could further strain the rupee," Pabari said. In the domestic equity market, the 30-share BSE Sensex declined 123.76 points, or 0.15 per cent, to 82,206.83, while the Nifty fell 29.70 points, or 0.12 per cent, to 24,990.10. Foreign institutional inves....
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....tors (FIIs) purchased equities worth Rs 8,831.05 crore on a net basis on Friday, according to exchange data. Meanwhile, India's forex reserves jumped by USD 4.553 billion to USD 690.617 billion during the week ended May 9 on the back of a steep increase in gold assets, the RBI said on Friday. In the previous week, the overall reserves had dropped by USD 2.065 billion to USD 686.064 billion. Th....
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....e forex reserves had touched an all-time high of USD 704.885 billion at end-September 2024. "While this buildup in reserves provides a strong buffer against external shocks and enhances RBI’s ability to intervene in the forex market, its immediate impact may do little to halt the rupee’s ongoing depreciation," Pabari added. PTI DRR ANU ANU<BR> News - Press release - PIB....