The rupee has written off 8 Paise to 85.70 against the US dollar in early trade on Thursday in the midst of renewed headwind of the global risk retirement and stubborn foreign fund.
Forex traders said that the rupee was acting in a narrow range, largely because of the cautious strategy of RBI, since every dip in USD-Inr is probably received with dollar buy by the RBI, not only to manage running times, but also to rebuild his intervention cushion.
This persistent demand for dollars by the central bank limits the profit for the rupid, they said.
In the interbancaire foreign exchange, the domestic unit opened at 85.69 against the Greenback. In the first trade it witnessed a low point of 85.70, with a decrease of 8 Paise on his previous closure.
On Wednesday, the rupid de written off 3 Paise to close at 85.62 against US Dollar.
Traders are waiting for the American trade agreement and the NFPR data to gauge the direction of the markets that generally seem lower to 85, said Anil Kumar Bhansali, head of Treasury and executive director Finrex Treasury Advisors LLP.
In the meantime, the dollar index, which measures the strength of the Greenback with a basket of six currencies, rose 0.07 percent to 96.84.
Brent Crude, the global oil benchmark, dropped 0.72 percent to $ 68.61 per barrel in Futures -Trade.
“Brent -raw prices have started returning – floating almost $ 68.5 per barrel. For a net oil importer such as India, this is a short -term threat to trade balance, such as rising crude oil usually higher import accounts and a heavier running bill that exerts extra pressure,” CR Forex Advisors MD – Amit Pabar.
In the meantime, the Sesex on the domestic stock market went 168.93 points or 0.20 percent to 83,578.62, while Nifty rose by 52.75 points or 0.21 percent to 25,506.00.
Foreign Institutional Investors (FIIs) have shares worth £ 1,561.62 crore on net based on Wednesday, according to Exchange Data.
“FIIs have remained net sellers on the Indian markets and have pulled out more than $ 6 billion years to date. This current outflow has brought an important resistance to calling, which compensates for the supporting global dollar weakness,” Pabari added.
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Published on July 3, 2025
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