The Indian rupee exhibited strength against the US dollar on Tuesday, gaining 4 paise to settle at 83.24 (provisional). This upward movement was primarily attributed to the robust performance of domestic equity markets, which bolstered investor confidence. Nevertheless, the rupee faced headwinds from higher crude oil prices in global markets and increased demand for the safe-haven US dollar, driven by concerns surrounding the Middle East conflict.
Intraday Range and Closing
At the interbank foreign exchange, the rupee commenced trading at 83.23 against the US dollar and maintained a relatively narrow trading range of 83.22 to 83.26 throughout the day. Ultimately, it settled at 83.24 (provisional), marking a gain of 4 paise compared to its previous close. In the previous session, the rupee had dipped by 1 paise, closing at 83.28 against the US dollar.
Dollar Index and Crude Oil Prices
The dollar index, a measure of the US dollar’s strength against a basket of six major currencies, was observed trading 0.27% lower at 105.80. Meanwhile, Brent crude futures, the global benchmark for oil, experienced a modest decline of 0.23%, reaching USD 87.95 per barrel.
Equity Market Performance
On the domestic front, Indian stock markets witnessed a bullish trend, with the BSE Sensex concluding the day at 66,079.36, representing a notable gain of 566.97 points or 0.87%. Similarly, the broader NSE Nifty recorded an ascent of 177.50 points or 0.91%, closing at 19,689.85.
Foreign Institutional Investors (FIIs)
Foreign Institutional Investors (FIIs) were net sellers in the capital market on the preceding trading day, offloading shares worth Rs 997.76 crore, according to exchange data.
