Rupee strengthened by 14 paise to 83.05 against dollar in early trade – Dainik Savera Times
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Mumbai: The dollar retreated from higher levels in global markets after the US Federal Reserve hinted at three rate cuts this year. Due to this, the rupee strengthened by 14 paise to reach 83.05 against the American currency in early trade on Thursday. In the interbank foreign exchange market, the rupee opened stronger at 83.07 compared to the previous close of 83.19.
In early trade, the rupee was trading up by one paise at 83.02 per dollar. The local currency is trading between 83.08 and 83.04 in early trade. At 9.25 am, the rupee was trading at 83.05 per dollar, an increase of 14 paise over its previous close. This comes ahead of the US Federal Reserve policy announcement on Wednesday amid a stronger US currency and higher crude oil prices.
It closed at a two-month low of 83.19. The Indian currency strengthened as the US Federal Reserve hinted at three rate cuts this year despite stagnant inflation. The US Fed did not make any changes in its interest rates in its policy meeting on Wednesday. The dollar index, which gauges the strength of the US dollar against six major currencies, was trading 0.20 percent lower at 103.22.
Global oil benchmark Brent crude futures were trading 0.63 percent higher at US $ 86.49 per barrel, recovering from the fall. In the domestic stock market, Sensex has increased by 538.01 points to 72,639.70, while Nifty has increased by 162.90 points to 22,002. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 2,599.19 crore on Wednesday.
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