The rupee praised the 85.58 pace to 85.58 in early trade on Tuesday, amid a situation where a domestic stock company started and continued foreign capital inflows. However, forex traders say the rise in the rise is the rise in global crude oil prices and the business of overseas companies.
In interbank foreign exchange transactions, the local currency opens at 85.62, up to 85.58, marking an increase of 85.66 on Monday by 85.66. On Monday, the rupee settled 2 Pace higher.
“Today’s rupee may be traded in today’s range of 85.45–85.95. The market awaits the tips in the ongoing U.S.-China trade discussions that local units range from 85 to 86, and daily fund flows determine the movement.”
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Foreign Institutional Investors (FIIS) was a net buyer on Monday, buying stocks worth Rs 19,9287 crore, according to stock exchange data.
“For today’s trade, importers may consider buying nearly 85.45, while exporters may sell above 85.80 or above,” Bhansali added.
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Stock market snapshots
Indian stock benchmarks are open on comments for companies tracking global leads. Nifty rose 0.19% to 25,152 in early trade, while Sensex rose 0.18% to 82,595.87. The broader market outperformed the sphere, with the small cap and mid-cap indexes gaining more than 1%.
Nifty Bank also improved by 0.46% at a rate of 0.46%, led by Kotak Mahindra Bank, Axis Bank and Au Small Finance Bank.
On the global front, the dollar remains stable as U.S. and Chinese trade officials work to ease tensions. “Investors are still cautious and avoid taking a positive stance,” Bhansali noted.
The U.S. dollar index measures the Green Guard against six major currencies, up 0.2% to 99.13. Meanwhile, Brent crude futures climbed 0.33% to $67.26 a barrel.
(Input with PTI)
