Indian Rupee rises 2 paise to 83.24 against US dollar in early trade

Despite the concerns remained over the conflict in the Middle East, the Indian currency Rupee managed to rise 2 paise taking it to 83.24 against the US Dollar on Tuesday, October 10, 2023, in the early hours of trade. It is believed that the Indian Rupee was helped by positive equity market trends during the concerning situation due to the escalation of the Israel-Hamas war. According to the reports, the Rupee debuted 3 paise higher at 83.23 against the US Dollar at the interbank foreign exchange. The Indian Rupee previously closed at 83.26 against the US Dollar. However, the prediction was that the Rupee would slip in front of the US Dollar amid the tensions growing in the Middle East. Let’s delve deep into the details and find out more details.

US dollar

The US Dollar gauges the greenback’s strength against the six currencies as it was trading 0.02 percent lower at 106.07. On Monday, the Indian currency slopped by 1 paise and closed at 83.26. Meanwhile, the Indian currency registered marginal gain on Tuesday in the early hours of the trading. The forex and bullion analyst at Motilal Oswal Financial Services, Gaurang Somaiya said, “We expect the USD-INR (Spot) to trade sideways and quote in the range of 83.05 and 83.40″.

As mentioned, the tensions in the Middle East erupted after the unprecedented attack of Hamas militants on Israel, which has raised fears of a border conflict there. The global oil benchmark Brent crude futures fell 0.35 percent to $87.84 for each barrel. Reportedly, the domestic market advanced 94 points of NSE Nifty 50. The BSE Sensex surged 0.47 percent on Tuesday morning. Reportedly, the Foreign Institutional Investors were the net sellers on Monday in the capital market. Unravel the data of BSE Sensex and NSE Nifty 50 in the following section. Continue reading this article for more information.

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Brent crude futures fell 0.35 percent taking it to $87.84 for each barrel. The domestic equity market witnessed the rise of the 30-share BSE Sensex of 0.47 percent taking it to 65,822.36 points with the help of 309.97 points and the broader NSE Nifty 50 advanced to 19,606 points with the surge of 94 points or 0.48 percent. The net sellers of the capital market were FIIs (Foreign Institutional Investors) offloaded the stocks worth Rs977.76 crore on Monday. The exchange data cited that FIIs were net sellers in the market as they released indexes worth Rs997.76 crore. During the early hours of Tuesday’s trade, the Indian rupee rose 3 paise against the US Dollar. Stay tuned.

Amzad Khan
Amzad Khan

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