Market Overview
Mumbai, March 25 – The Indian rupee depreciated 18 paise to 93.94 against the US dollar in early trading on Wednesday, driven by sustained foreign fund outflows. However, a combination of factors, including a decline in global crude oil prices, a weaker dollar, and a positive performance in the domestic equity markets, limited the rupee’s decline.Rupee Movement
The rupee opened at 93.94 against the US dollar, down 18 paise from its previous close. It had closed at 93.76 against the US dollar on Tuesday.“The dollar buying trend will continue unless the RBI sells the dollar because there is hardly any supply of dollars coming forward from other sources,” stated Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. “Exporters at the current level of 93.90 may hedge for up to one month while importers may buy all dips they get.”
Foreign Investment Trends
Foreign institutional investors (FIIs) sold equities worth Rs 8,009.56 crore on a net basis on Tuesday, according to exchange data.Global Market Influences
The dollar index was trading 0.15 per cent lower at 99.28. Brent crude, the global oil benchmark, fell 4.4 per cent to USD 99.89 per barrel in futures trade.Domestic Equity Performance
The Sensex surged by 1,161.61 points, or 1.57 per cent, to 75,230.06, while the Nifty rose 372.85 points, or 1.63 per cent, to 23,285.25.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.