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Rupee Recovers 7 Paise Amidst Global Volatility
23 Feb
Summary
- Rupee gained 7 paise to settle at 90.87 against the US dollar.
- Global crude oil prices saw a sharp fall, aiding the rupee.
- Foreign fund outflows and geopolitical concerns capped gains.
The Indian rupee saw a recovery of 7 paise, settling at 90.87 against the US dollar on Monday. This upward movement was bolstered by a sharp decline in global crude oil prices and a general weakening of the US dollar. These factors emerged amid renewed uncertainties surrounding global trade.
Despite these positive influences, the rupee's gains were tempered by consistent foreign fund outflows. Additionally, prevailing geopolitical concerns played a role in capping the local currency's appreciation. Traders noted that the rupee experienced fluctuations, opening at 90.76 and trading within a range of 90.67 to 90.89 during the session.
Analysts predict the rupee will likely remain within a range of 90.60 to 91.00. This forecast considers market dynamics, including equity performance and debt yields, which can influence currency movements. The broader context includes a slight dip in Brent crude oil prices and a general trend of foreign institutional investors offloading equities.
