The rupee settled on Monday (March 3, 2025) at 87.34 (provisional) against the US $ 3, which was low in US currency weakness and low crude oil prices in the foreign market.
According to Forex traders, the excited feelings of investors were banned due to unstable domestic equity markets and unpublished return of foreign funds.
In the Interbank Forex, the rupee opened at 87.36 and went into a wide range during the session, with an Intrade high of 87.25 and touched a low of 87.41 against Greenback. The unit finished the session at 87.34 (provisional) against the dollar, registering a profit of 3 money from its previous closing level.
On Friday (February 28, 2025), the rupee fell 19 money to settle at 87.37 against the US dollar.
In addition, on the domestic macroeconomic front, a monthly survey has shown that India’s growth in February decreased by 14 months amidst new orders and soft growth in production.
The seasonally adjusted HSBC India Manufacturing Purchase Managers Index (PMI) registered 56.3 in February, below 57.7 in January, but remained firm within the area.
However, he said, the domestic currency received some support due to exporters selling dollars and re -starting crude oil prices abroad.
“There are reports of selling dollars by exporters who also supported the rupee. However, macroeconomic data is disappointing and selling pressure from FIIS has a sharp benefit, ”Anuj Chaudhary said – Research analyst in Mirre Asset Sharekhan.
“Going forward, Mr. Chaudhary said,” Traders can take indications from ISM construction PMI data from the US, while the USD-InR spot price is expected to be in the range of 87.20 to 87.65. ,
Meanwhile, the dollar index, which detects the strength of greenback against a basket of six currencies, was trading 0.57% less at 106.95.
Global Oil Benchmark Brent crude, in futures trade, increased to 0.49% per barrel $ 72.45.
In the domestic equity market, the 30-shire BSE Sensex fell at 112.163 points or 0.15%to 73,085.94, while the Nifty slipped 5.40 points, or 0.02%, closed at 22,119.30 points.
The Reserve Bank on Friday (February 28, 2025) organized a US $ 10 billion-dollar swap to inject long-term liquidity in the system, with a strong demand for auction. The auction will be settled on March 4 and 6.
Under the swap practice, a bank will sell the US dollar to the Reserve Bank and at the same time will agree to buy the same amount of US dollars at the end of the swap period.
According to exchange data, foreign institutional investors (FII) launched the capital markets on Friday (February 28, 2025) at a price of 11,639.02 crore in capital markets.
The latest Reserve Bank Data released on Friday (February 28, 2025) increased from $ 4.758 billion to $ 640.479 billion in the country’s Forex Reserve in the week ended February 21.
In the previous reporting week, the overall reserves had declined by $ 2.54 billion, which was $ 635.721 billion.
In addition, the official data released on Saturday (March 1, 2025) revealed that the GST collection increased by 9.1% in February, increased by domestic consumption and indicated a possible economic revival.
However, the government’s fiscal deficit in the end of January 2025 according to the data released by the Comptroller General (CGA) of the 74.5% annual target (CGA) of the annual target. The deficit was 63.6% of the revised estimates (RE) of 2023-24 in the year-old period.
The country’s economy increased by 6.2% in the October-December quarter, which was cured gradually by seven-fourths of offering, but the expansion decreased compared to the previous year.
Published – March 03, 2025 05:47 pm IST