Rupee ends higher against US dollar
Key Highlights
The Indian rupee closed at 94.41 against the US dollar on Thursday. The currency rose 5 paise following a decline in global crude oil prices.
The Indian rupee recorded a gain against the US dollar on Thursday, closing at 94.41. This provisional figure marks a rise of 5 paise from the previous close of 94.46 on Wednesday. The currency experienced fluctuations throughout the session, reaching a high of 94.32 and a low of 94.57.
The domestic currency opened with strength as global crude oil prices dropped. Brent crude oil prices fell below the $100 barrel mark, which reduced concerns regarding inflation and potential interest rate hikes. This shift followed the Democrat party victory in the US mid-term elections, which lowered fears of escalation between the United States and Iran.
Foreign institutional investors also influenced market sentiment, acting as net buyers during the Wednesday session. These investors purchased securities worth ₹7,284.03 crore. While the rupee initially gained, it surrendered some of those gains as the trading day progressed. In contrast, the South Korean won weakened against the US dollar on Thursday, driven by significant foreign selling of domestic equities in that region.
Based on company and agency reports. For information only; not investment advice.