Indian rupee strengthens against US dollar
Key Highlights
The Indian rupee strengthened against the US dollar to end at 94.62 on Wednesday, supported by foreign capital inflows and easing oil prices.
The Indian rupee strengthened against the US dollar on Wednesday, closing at 94.62. This provisional figure marks a rise of 13 paise from the previous session’s finish of 94.75. The domestic currency traded within a range between a high of 94.50 and a low of 94.87 throughout the day.
Capital inflows from foreign institutional investors provided support to the currency. These investors recorded a net purchase value of Rs 6,836.81 crore during Tuesday’s trading. Easing crude oil prices also assisted the rupee, following reports of potential peace discussions between the US and Iran.
Economic sentiment remained positive after the HSBC India Services PMI Business Activity Index reached 55.8 in October, up from 55.2 in September. This index indicates the services sector expanded at its quickest rate in four months, driven by new orders and increased business activity. Easing cost pressures also contributed to this expansion.
On the global stage, the euro gained value against the US dollar on Wednesday. This shift occurred as the victory of Democrats in both chambers of the US Congress exerted pressure on the US dollar.
Based on company and agency reports. For information only; not investment advice.