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NEW DELHI: The rupee snapped a four-day losing streak to close 27 paise higher at 82.94 against the dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by RBI. Besides, the local unit appreciated after RBI announced the discontinuation of incremental cash reserve ratio in a phased manner by October 7, forex traders said.
On Thursday, the rupee had fallen to its lifetime low close of 83.21 against the dollar. “The rupee snaps four-day decline and best performer among the Asian currencies amid RBI interventions and lower crude oil prices. The outperformance in domestic equities also supported the rupee. The strength in the rupee may not last longer as weaker regional peers and foreign fund outflows are likely to weigh,” Dilip Parmar of HDFC Securities said.
On Thursday, the rupee had fallen to its lifetime low close of 83.21 against the dollar. “The rupee snaps four-day decline and best performer among the Asian currencies amid RBI interventions and lower crude oil prices. The outperformance in domestic equities also supported the rupee. The strength in the rupee may not last longer as weaker regional peers and foreign fund outflows are likely to weigh,” Dilip Parmar of HDFC Securities said.
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