Rupee closed higher at 84.4400 per Dollar on Friday (22 November 2024), versus its previous close of 84.5250 per Dollar.Powered by Capital Market - Live News

The Indian rupee recovered from its all-time low level and appreciated 6 paise to close at 84.44 (provisional) against the US dollar on Friday, supported by positive domestic equities. The BSE Sensex witnessed a remarkable surge of over 2,000 points whilst Nifty50 crossed the 23,900 mark. BSE Sensex ended the day at 79,117.11, up 1,961 points or 2.54%. Nifty50 closed at 23,907.25, up 557 points or 2.39%. Nevertheless upside in the domestic currency was capped by US dollar index strength in the overseas market that rose above 107 mark and as oil continued to move up as fighting between Ukraine and Russia continued to gain investors` attention. Moreover, foreign institutional investors have continued their equities selling mode and kept the dollar well bid.Powered by Capital Market - Live News

The US dollar index accelerated gains above 107 mark on Friday following US data that indicated a strong labor market and amid growing safe haven demand from escalating tensions in Russia and Ukraine. Data released on Thursday showed that US weekly initial jobless claims unexpectedly fell to a seven-month low, signaling continued strength in the labor market which pare back expectations of the Fed rate cut. Initial Jobless Claims for the week ending November 15 decreased to 213,000, below expectations. Continuing claims however unexpectedly surged to 1.908 million, rising by 36,000 from the previous week. Recent comments from Fed officials, including Chair Jerome Powell, have indicated the central bank may take a slower course in its rate cut path. Meanwhile, Fed`s Goolsbee also said the pace of rate cuts may need to slow. The dollar index that measures the greenback against a basket of currencies is quoting at 107.12, up 0.18% on the day and near a two-year peak. Investors now await US manufacturing PMI data later in the day. Among basket currencies, EURUSD and GBPUSD and quoting lower by 0.1% at $1.0479 and $1.2572 respectively. Powered by Capital Market - Live News

The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed a Memorandum of Understanding (MoU) for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) for cross-border transactions. The MoU was signed by the Governor, Reserve Bank of India, Shri Shaktikanta Das and the Governor, Maldives Monetary Authority, Mr. Ahmed Munawar. The MoU encourages the use of INR and MVR in current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries. This framework would enable exporters and importers to invoice and settle in their respective domestic currencies, which in turn would enable the development of trading in INR-MVR pair in foreign exchange market. Use of local currencies would optimise costs and settlement time for transactions. This collaboration marks a key milestone in strengthening bilateral cooperation between RBI and MMA. Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Maldives as well as deepen financial integration and strengthen the economic relations between India and Maldives.Powered by Capital Market - Live News

Rupee closed lower at 84.5250 per Dollar on Thursday (21 November 2024), versus its previous close of 84.4600 per Dollar on Tuesday.Powered by Capital Market - Live News