Representative image | Photo Credit: Reuters
The rupee appreciated 31 money against the US dollar on Wednesday (May 14, 2025) against the US dollar, supported by the advantage in domestic equity and positive macroeconomic data.
Forex traders said that the price of global crude oil may increase on rupee. In the last few sessions, Brent crude prices have risen to $ 66 per barrel, which can increase India’s trade deficit.
In addition, the outflow of foreign funds also included some extent appreciation of the domestic unit.
In the interbank foreign currency, opened at 85.05 against the domestic unit Greenback, recorded a profit of 31 money from its previous nearly.
In the initial trade, the local unit also touched 85.23 against Greenback.
On Tuesday (May 13, 2025), the rupee reversed the initial profit to settle the flat at 85.36 against the US dollar.
The Indian rupee fell on the purchase of dollars from oil companies on Tuesday (May 13, 2025), as the rising crude oil prices motivated to increase hedging, Treasury and Executive Director, Finex Treasury Advisors LLP chief Anil Kumar Bhansali said.
Exporters will continue to sell all good uptics, while importers can buy dips as the rupee is expected to trade in a limit, Mr. Bhansali said, saying that the limit for the day is likely to be from 84.75 to 85.50.
Meanwhile, the dollar index, which detects the strength of greenback against a basket of six currencies, was trading less than 0.05% at 100.95.
Global Oil Benchmark Brent crude fell 0.54% in futures trade. 2 66.27 per barrel.
In the domestic equity market, 30-cheer BSE Sensex advanced 250.80 points, or 0.31%t, 81,399.02, while the Nifty increased to 58.45 points, or 0.24%, 24,636.80.
According to the exchange data, foreign institutional investors (FII) on Tuesday (May 13, 2025) launched the price of 476.86 crore on a net basis.
On the domestic macroeconomic front, India’s retail inflation decreased by 3.16% at a six -year low in April, making sufficient space for the Reserve Bank in the review of the monetary policy of June.
Mr. Bhansali said, “India’s inflation increased by 3.16%, which is less than last month and is almost equal to expectations. This gave the RBI another chance to cut rates next month in its scheduled meeting.”
Published – May 14, 2025 12:02 pm IST
