The rupee appreciated by 10 paise, reaching 83.80 against the US dollar in early trade on Monday. This rise is attributed to the weakening of the US dollar in the global market and an influx of foreign investments into India. The dollar index, which tracks the US dollar's strength against six major currencies, saw a decline and hovered around 100.60 following remarks from US Fed Chair Jerome Powell at the Jackson Hole meeting. He suggested that policy easing might be necessary, with potential rate cuts anticipated in September.
In the interbank forex market, the rupee began the day at 83.83 and later rose to 83.80, a 10 paise improvement from its previous close. On Friday, the rupee had a narrow trading range and ended 3 paise higher at 83.90 against the dollar. Anil Kumar Bhansali from Finrex Treasury Advisors LLP noted that the Reserve Bank of India is expected to manage the exchange rate within a range of 83.75 to 83.95.
Meanwhile, the dollar index dropped slightly by 0.06% to 100.66 points, and Brent crude oil prices increased by 0.63% to $79.52 per barrel in futures trading. In the Indian stock market, the BSE Sensex rose by 262.21 points to 81,348.42, and the Nifty gained 62.15 points to reach 24,885.30. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, with purchases amounting to ₹1,944.48 crore. Additionally, India's foreign exchange reserves saw an increase of USD 4.546 billion.
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