Image for representative purposes only. , Photo Credit: Reuters
On Friday (May 2, 2025), the rupee rose to seven months and continued on the level of 84 per dollar on foreign fund inflows and strong domestic data, but against greenback, at 84.53, it was more profitable for the day by just 1 paise and settled for the day.
In a highly unstable trade, the rupee touched the highest level Intra-Day high of 83.76 since October 2024 on Friday- but failed to maintain speed and ended the session on a flat note with only 1 pisa benefits.
Forex traders stated that the Goods and Services Tax (GST) collections for April were strong in an all -time high, ₹ 2.37 lakh crore, reflecting the health of domestic demand. In addition, strong PMI data, in which India’s manufacturing sector growth reached a height of 10 months in April, further encouraged investors.
However, as a precautionary, he noted any increase in tension between India and Pakistan, which could upset the rapid profit and put pressure on the rupee, like the previous geo -political episode.
In the interbank foreign currency, the domestic unit opened at 83.98 and went between the Intra-Day high of 83.76 and the lower level of 84.55 against Greenback. The unit finished the session at 84.53 (provisional), registering the benefit of 1 Paisa at its previous closing level.
On Wednesday (April 30, 2025), the rupee extended 42 money to 84.54 against the US dollar.
The foreign exchange market was closed on Thursday (May 1, 2025) due to Maharashtra Day.
Anuj Chaudhary, a research analyst at Mere Asset Sharekhan, said, “Indian rupee has been appreciated to the highest level since October 2024 and the report of the dollar selling the dollar by foreign banks.”
Mr. Chaudhary said, “We hope that the rupee will trade with positive bias on positive domestic markets and FII flows. The fall in crude oil prices and overall weakness in the US dollar can give more support to the rupee between disappointing data of economic data outside the US,” Mr. Chaudhary said.
Mr. Chaudhary further stated that traders can take hints from the factory orders from the non-form parole report and USDINR spot price, expected to trade within the range of 83.70 to 84.50, he said.
Meanwhile, the dollar index, which detects the strength of greenback against a basket of six currencies, was trading less than 0.39% at 99.85.
Global Oil Benchmark Brent crude fell 0.51% to $ 61.81 per barrel in futures trade.
In the domestic equity market, 30-cheer BSE Sensx upgraded 259.75 points, or 0.34%, 80,501.99, while Nifty upgraded 12.50 points, or 0.05% to 24,346.70.
According to exchange data, foreign institutional investors (FII) on Wednesday bought prices worth 50.57 crores on a pure basis.
On the domestic macroeconomic front, the growth of Indian manufacturing sector improved in April, with an increase in the fastest production since June 2024, a monthly survey on Friday, behind another strong expansion in the order books, a monthly survey said on Friday.
Massively adjusted HSBC India Manufacturing Purchase Manager Index (PMI) increased from 58.1 in March to 58.2 in April, indicating the strongest improvement in the health of the sector for 10 months.
The GST collection increased by 12.6% at a high level of high time of around ₹ 2.37 lakh crore in April, stating that the flexibility of the Indian economy and the effectiveness of cooperative federalism.
Gross GST MOP-Up was ₹ 2.10 lakh crore in April 2024- the second largest collection since rolling out GST on 1 July 2017. NET MOP-up was ₹ 1.92 lakh crore.
Published – May 02, 2025 05:45 pm IST
