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Rupee slips to 95.17 against the dollar in early trade
The rupee weakened nine paise to 95.17 against the US dollar in early trade on Thursday, opening at 95.13 after Wednesday's close of 95.08, The Hindu reported. Lower crude oil prices lent…
The rupee weakened nine paise to 95.17 against the US dollar in early trade on Thursday, opening at 95.13 after Wednesday's close of 95.08, The Hindu reported. Lower crude oil prices lent some support to the currency, but lingering geopolitical risk weighed on it. The dollar index was up 0.05 percent at 99.72, and Brent crude was down 0.20 percent at $79.29 a barrel. On the domestic equity market, the Sensex climbed 201.43 points and the Nifty rose 16.35 points in opening trade, even though foreign institutional investors had net sold Rs 943.42 crore of equities on Wednesday. CR Forex Advisors managing director Amit Pabari said the rupee could revisit the 94.80-95.00 zone if there are positive developments around the Strait of Hormuz.
Indian Opinion Analysis
A nine-paise slip in early trade sits well inside the currency's normal daily range, and today's numbers, the dollar index at 99.72, Brent at $79.29 a barrel and the Rs 943.42 crore of FII selling from the previous session, describe one morning's trading rather than a shift in the rupee's underlying trend. Pabari's Hormuz-linked call is a single analyst's reading of the currency, not a level the wider market has committed to reaching. Whether the rupee actually revisits the 94.80 to 95.00 range Pabari flagged as achievable on positive Hormuz developments is the concrete level still to be watched.
Source: www.thehindu.com
This brief was synthesised by AI from the source linked above.
