Rupee rises 8 paise to open at 82.65 against the US dollarPersonal FinanceRupee rises 8 paise to open at 82.65 against the US dollar

Rupee rises 8 paise to open at 82.65 against the US dollar


The Indian rupee opened 8 paise higher against the US dollar on Thursday amid a fall in dollar index after downward revision to second quarter US economic growth. The local currency opened at 82.65 a dollar as compared to previous close of 82.73.

The US dollar index dropped to near 103 and the US Treasury retreated after weaker-than-expected growth and labour market data raised expectations that the US Federal Reserve will not raise interest rates further.

On Wednesday, the rupee ended 2 paise lower at 82.73 a dollar.

Data showed US gross domestic product (GDP) increased at a 2.1% annualized pace in the last quarter, lower than the preliminary estimate of 2.4% growth. Meanwhile, US private payrolls increased by a lesser-than-expected 177,000 jobs last month, Reuters reported.

Investors will eye India’s GDP data due later in the day. India’s economic growth is likely to have accelerated to 7.7%, the fastest annual pace in a year, on robust service sector growth, a Reuters poll found.

Read here: Q1 GDP: India’s Q1 GDP growth likely above 8%; key indicators to watch

Meanwhile, crude oil prices eased. Brent crude futures fell 0.14% to $85.74 a barrel, while US West Texas Intermediate crude (WTI) declined 0.13% to $81.52 a barrel.

On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading higher in the pre-opening session.

On Wednesday, the Foreign institutional investors (FIIs) net sold Indian shares worth 494.68 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of 1,323.24 crore, as per provisional data available on the exchanges.

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Updated: 31 Aug 2023, 09:07 AM IST

Disclaimer: Along with publishing our own news, we get news from various sources namely from news wires ANI, PTI, other reputed finance portals and individual journalists. We are not legally liable for any inaccuracies in the news and expect the reader to do their own due diligence.

http://ganesh@finplay.in

Finance enthusiast, Mutual fund expert.




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