News India Live, Digital Desk: USD to INR: In early trade on Friday, the rupee fell 15 paise to 86.10 against the US currency, as foreign institutional investors continued their selling due to the bond yield difference. Forex traders said that due to softening of food and energy prices, the speculation of interest rate cut by RBI in the upcoming MPC meeting is also affecting the notion of short -term rupees, although such a step can promote development in a longer period.
The rupee opened at 85.95 in the Interbank Forex Exchange Market and came to 86.10 against the dollar, which is 15 paise less than the previous closed price. On Thursday, the rupee weakened by 36 paise to close at 85.95 against the US dollar. In early trade, the rupee also reached a high level of 85.77 against the US currency.
Traders said that most of the Asian currencies have strengthened against the dollar, this can further strengthen the rupee. Meanwhile, the dollar index measuring the dollar strengthening against six currencies was trading at 99.65 with a decline of 0.30 percent. Amit Pabari, MD, CR Forex Advisors, said, “… There are signs of fatigue in the dollar index, as the growing American fiscal concerns has affected the perception, which may probably fall towards a level of 99.00, and may possibly go to 98.50, which can provide relief to Asian currencies and support Indian rupees in a close future.”
In futures trading, global oil benchmark Brent crude fell 0.65 percent to $ 64.02 per barrel. In the domestic equity market, the 30 -share BSE Sensex rose 367.90 points or 0.45 percent to 81,319.89, while the Nifty rose 137.70 points or 0.56 percent to 24,747.40. According to exchange data, foreign institutional investors (FIIs) on Thursday sold equity worth Rs 5,045.36 crore on a pure basis.
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