Continuing its resilient streak, the Indian rupee displayed strength for the seventh consecutive session, appreciating by 2 paise against the US dollar in early trade on Thursday, reaching 83.01. This upward trajectory was supported by a weakened American currency and a decrease in crude oil prices.
The sustained uptrend in the domestic equity markets contributed to the positive momentum of the Indian currency. Forex traders noted that despite the anticipation surrounding the release of US inflation data later in the day, the rupee held firm.
Opening at 83.05 against the greenback at the interbank foreign exchange, the rupee briefly slipped to 83.06 before settling at 83.01, marking a 2-paise gain from its previous close. On the prior trading day, the rupee had concluded 10 paise higher at 83.03.
Simultaneously, the dollar index, measuring the strength of the greenback against a basket of six currencies, dipped by 0.09% to 101.98 on Thursday.
Global oil benchmark Brent crude futures experienced a modest uptick of 0.33%, reaching USD 77.05 per barrel.
Within the domestic equity market, the 30-share benchmark Sensex showed resilience, trading 271.40 points or 0.38% higher at 71,929.11. The broader Nifty also made gains, rising by 78.25 points or 0.36% to 21,696.95.
On the foreign investment front, exchange data revealed that Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,721.35 crore on Wednesday.
(With Agency Inputs)
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