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Rupee Gains 5 Paise Amidst Market Fluctuations
17 Feb
Summary
- Indian rupee appreciated by 5 paise to settle at 90.69 against the US dollar.
- Domestic equity markets saw gains, while crude oil prices decreased.
- Foreign institutional investors continued to offload equities.
The Indian rupee experienced a slight appreciation, gaining 5 paise to close at 90.69 against the US dollar on Tuesday. This positive movement was influenced by the upward trend in domestic equity markets and lower crude oil prices in the global market.
Despite these supportive factors, the rupee's advance was tempered by continued foreign institutional investor (FII) outflows and a generally firm US dollar. Forex traders noted that these factors weighed on the Indian currency, limiting its gains.
On the domestic equity front, the Sensex rose by 173.81 points, and the Nifty climbed by 42.65 points. This market buoyancy, coupled with softening crude oil prices, provided some cushion to the rupee. However, data indicated that FIIs offloaded equities worth Rs 972.13 crore on Monday.
Looking ahead, market analysts suggest that investors will closely monitor upcoming housing market and GDP data from the United States this week. The USD-INR spot price is anticipated to trade within the range of Rs 90.50 to Rs 91.
