The rupee defied gravity for the fourth consecutive day, gaining 4 paise against the mighty greenback on Thursday. This positive run could be attributed to the weakening dollar in international markets, where investors are wary of aggressive interest rate cuts by the US Federal Reserve in the near future.
However, dark clouds still loom on the horizon. Subdued stock markets and rising crude oil prices could put pressure on the Indian currency, analysts warn.
Here’s the breakdown:
- Rupee gains: Up 4 paise to 82.92 against USD.
- Reason to cheer: Weaker dollar due to cautious Fed stance.
- Cause for concern: Bearish stock market & rising oil prices.
- Global benchmark: Brent crude futures rose 0.13% to $83.14 per barrel.
Market movements:
- Sensex: Down 0.04% at 72,590.65 points.
- Nifty: Down 0.02% at 22,051.45 points.
- FIIs: Net buyers in Indian markets, purchasing Rs 284.66 crore worth of shares.
The question remains: Can the rupee continue its winning streak despite headwinds from the domestic and global markets? Only time will tell.
