Rupee Gains 15 Paise To ₹95.35 Against US Dollar On RBI Support, FPI Inflows
· Free Press Journal
Mumbai, Jul 31: The rupee remained in positive territory on Friday, gaining 15 paise to settle at 95.35 (provisional) against the US dollar, tracking foreign capital inflows and support from the Reserve Bank.
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However, higher global crude oil prices and a stronger greenback capped sharper gains in the local unit, while elevated tensions in West Asia kept markets on edge, forex traders said.
Rupee trading movement
At the interbank foreign exchange, the rupee opened at 95.40 and traded in the range of 95.25-95.46 during the session. It eventually settled at 95.35 (provisional), up 15 paise from its previous close.
The rupee surged 26 paise to close at 95.50 against the US dollar on Thursday, rising for the fifth straight session.
Meanwhile, the US and Iran each fired barrages of missiles on Thursday, as the pattern of back-and-forth strikes took hold again and hope dimmed for any quick resolution.
After a brief respite, the risk of a return to all-out war emerged once more, with the fighting threatening to engulf even more countries. Jordan said on Thursday it intercepted Iranian missiles for the second consecutive day, while Kuwait said a strike in the northern part of the country killed one person.
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Analysts see limited upside
"Rupee has been strengthening on sustained RBI dollar selling this week. The other factor contributing to the rupee's stability and strength is the FPI inflows. During the last three days, FPIs bought equity worth Rs 7,360 crore. This shift in FPI stance from relentless selling in India to buying has improved sentiments for the domestic currency," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
"We expect the rupee to trade with a slight positive bias on a soft dollar and dovish Fed. Positive global markets and improved foreign inflows may also support the rupee. However, renewed geopolitical tensions between the US and Iran may cap sharp upside," Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.
USD-INR spot price is expected to trade in a range of Rs 95 to Rs 95.60, he said.
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The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading up 0.28 per cent at 100.14.
Brent crude futures, the global oil benchmark, were trading up 0.42 per cent at USD 89.40 per barrel.
On the domestic equity market front, the Sensex rose 166.49 points, or 0.21 per cent, to settle at 78,094.64, while the Nifty was up 66.45 points, or 0.27 per cent, to 24,383.60 points.
Foreign Institutional Investors purchased equities worth Rs 3,623.51 crore on a net basis on Thursday, according to exchange data.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
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