Rupee closed lower 83.5500 per Dollar on Monday (08 July 2024), versus its previous close of 83.5450 per Dollar. Powered by Capital Market - Live News

The Indian rupee pared initial gains to settle 1 paisa lower at 83.50 against the US dollar on Monday, as muted domestic equities weighed on investor sentiments. The benchmark 30-shares BSE Sensex index fell 265 points in morning deals before seeing significant recovery to end at 79,960, down 36 points, or 0.05 percent, from its previous close. On the NSE, the broader Nifty50 fell below the 24,250-mark before managing to close down 3 points, or 0.01 percent, at 24,320. At the interbank foreign exchange market, the local unit opened at 83.45 and hit the intraday high of 83.44 and a low of 83.50 against the American currency during the session. It finally settled at 83.50 against the dollar, registering a loss of one paisa over the previous close. Meanwhile, the dollar index held below 105 on Monday after losing nearly 1% last week, weighed down by soft US economic data which reinforced a dovish outlook on Federal Reserve monetary policy. Investors now look ahead to key US inflation data this week, as well as fresh commentary from Fed officials to guide the rates outlook further.Powered by Capital Market - Live News

The Indian rupee saw marginal gains amid broad weakness in the US dollar overseas. However, muted local equities following sharp gains last week could add some pressure in the domestic unit. On Friday, rupee pared initial gains and settled for the day almost flat at 83.49 against the US dollar. It is currently trading around the same mark. US dollar index fell to a three week low under 104.50 following a tepid reading on US nonfarm payrolls. Risk sentiment is mixed globally today as markets assess the overall global interest rates scenario and political developments in Europe weigh on the proceedings. Powered by Capital Market - Live News

The dollar index is lingering at its lowest level in three-weeks on Monday morning in Asia alongside falling US benchmark treasury yields amid soft US data that could prompt a Federal rate cut. On Friday, data showed that the US unemployment rate rose to a 2-�-year high of 4.1% in June, adding to signs of a cooling labor market. The dollar index futures are holding below 105 mark while US treasury yields are quoting around 4.3%. Investors now look ahead to key US inflation data this week, as well as fresh commentary from Fed officials to guide the rates outlook further. Among basket currencies, EURUSD and GBPUSD are quoting lower by around 0.10% at $1.0861 and $1.2812 respectively. Powered by Capital Market - Live News

Rupee closed higher at 83.5450 per Dollar on Friday (05 July 2024), versus its previous close of 83.5700 per Dollar.Powered by Capital Market - Live News