INR recovered slightly and settled higher by 4 paise at 83.89 (provisional) against the American currency on Friday, amid cautiousness ahead of Fed Chair Jerome Powell`s speech at the Jackson Hole Symposium. Fed Chair Jerome Powell is scheduled to speak at the symposium in Jackson Hole, Wyoming, on Friday, with traders looking for the central bank chief`s comments to provide further clarity about the outlook for rates. Weak US Dollar, foreign fund inflows and a positive tone in the domestic markets supported the rupee. However, overnight gains in crude oil prices capped sharp gains. At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday high of 83.85 against the US dollar.Powered by Capital Market - Live News

Rupee closed higher 83.9175 per Dollar on Friday (23 August 2024), versus its previous close of 83.9575 per Dollar. Powered by Capital Market - Live News

The US dollar extends recent sharp slide as investors prepare for Federal Reserve Chair Jerome Powell�s speech at the Jackson Hole symposium later in the global day. After hinting at a rate cut by September in FOMC minutes, markets await clarity on magnitude of the rate cut in the upcoming speech. The dollar index is staying near the lower end of 101 mark at its lowest level for the year so far at 101.23, down 0.17% on the day. Benchmark treasuries yield on the US ten-year note, which moves opposite of its price, lingers around 3.84 percent. Besides, strength in the Japanese currency following a speech by Bank of Japan (BoJ) Governor Kazuo Ueda in Parliament on Friday is adding to downside for the greenback. BOJ Governor Kazuo Ueda said in his Diet testimony that �Markets at home and abroad remain unstable, so we will be highly vigilant to market developments for the time being,� However, Ueda said the central bank was ready to raise rates if the economy and prices move in line with its forecast.Powered by Capital Market - Live News

Rupee closed lower at 83.9575 per Dollar on Thursday (22 August 2024), versus its previous close of 83.9400 per Dollar.Powered by Capital Market - Live News

The Indian rupee traded in a narrow range and settled lower by 4 paise at 83.94 (provisional) against the American currency on Thursday, as relentless dollar demand from importers and relentless foreign fund outflows dampened investor sentiments. However, a positive trend in domestic equities and lower global crude oil prices supported the domestic currency and restricted its fall. Indian shares ended modestly higher on Thursday, giving up some early gains as investors awaited cues from U.S. PMI and initial jobless claims figures as well as Fed Chair Powell`s Friday speech at the Jackson Hole Symposium. The 30-share BSE Sensex ended at 81,053, up 148 points, or 0.18 percent from its previous close, while the broader NSE index closed 41 points, or 0.17 percent, higher at 24,812. At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday low of 83.97 against the US dollar.Powered by Capital Market - Live News