On April 4, the rupee surged 21 paise to close at a high for the month of 75.53 against the US dollar
On April 4, the rupee surged 21 paise to close at a high for the month of 75.53 against the US dollar
The rupee started on a flat note on April 5, following the dollar’s strength in the overseas market and higher crude oil prices.
On the interbank foreign exchange exchange, the rupee opened at 75.54 against the US dollar, trading in a tight range. It hit an early high of 75.47 on early deals.
On Monday, the rupee started the 2022-23 financial year on an upbeat note. It rose 21 paise to close at a monthly high of 75.53 against the US dollar.
Meanwhile, global oil benchmark Brent crude futures rose 1.27% to $108.90 a barrel as geopolitical uncertainty lingered over the ongoing conflict in Ukraine.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.03% to 99.02 as the prospect of increased sanctions against Russia pushed investors to the greenback’s safety.
On the domestic stockmarket front, the 30-piece Sensex was down 248.08 points, or 0.41%, to 60,363.66, while the broader NSE Nifty was down 55.45 points, or 0.31%, to 17,997.95.
Foreign institutional investors remained net buyers in the capital market on Monday as they bought £1,152.21 billion worth of shares, according to stock market data.
“Oil level near 110 and USD-INR bottom open at 75.45 indicate the level of inflows into the system. 75.20 to 75.60 range as we look to the Federal Reserve Minutes due Wednesday and MPC meeting decision on March 8.
Bhansali also noted that “fighting in Ukraine appears to have died down for the moment, but may flare up again if the West continues to impose sanctions on Russia.”
