Due to high crude oil prices in the Asian trade, the local currency depreciated quickly Early on Friday, the rupee was nearly unchanged versus the US dollar, trading at 82.02, as local stocks rose and crude oil prices firmed.
The strong crude oil prices in the Asian trade caused the rupee to open weak at 82.05 on the interbank foreign currency market. In the early going, it traded in a narrow range between 82.01 and 82.07.
The local currency has gained barely 1 paisa since the previous closing of 82.03 on Wednesday, trading at 82.02 against the US dollar at 0940 hours.
On Thursday, the forex exchanges were closed in observance of the Bakrid holiday.
Globalisation has made the entire world into a one economy, with coordinated trading on all financial exchanges. An “all world share market” could be imagined as being made up of the various stock exchanges. Every company is related to another, either directly or indirectly, in order to fulfil their aims because we are connected to the rest of the world through countless businesses.
The world’s largest economy, as we are all aware, is that of the United States. Any negative news in the US stock markets has a big effect on global markets, especially the Indian stock markets.
On Wednesday, the rupee lost 2 paise to end the day at 82.04 (provisional) against the US dollar due to rising dollar prices and stable oil prices on the global market.Fresh foreign portfolio investments into equities and a record-breaking run in domestic stocks, according to analysts, limited the rupee’s slide.
The rupee had started out strong on the interbank foreign currency market at 82.00 and eventually rose to a high of 81.97 in early activity. The rupee was unable to hold onto its gains and eventually fell to a day’s low against the greenback of 82.06 as the US dollar recovered from overnight losses.
The local currency declined 2 paise from the previous closing to conclude at 82.04 (provisional). Tuesday’s rupee closing price was at 82.02.The 30-share BSE Sensex increased by 199.06 points or 0.31 percent to 63,615.09 points on the domestic equities market, while the wider Nifty increased by 62.75 points to 18,880.15 points.
According to exchange data, Foreign Portfolio Investors were net purchasers on Tuesday in the capital market, purchasing shares worth Rs 2,024.05 crore.
The dollar index, which measures the strength of the dollar against a basket of six different currencies, was trading lower at 103.28, down 0.06 percent.global benchmark for crude oil At USD 74.64 per barrel, Brent crude was up 0.40 percent.
The main indices Sensex and Nifty reached all-time highs in early activity on the local equities market. In early trade, new foreign money inflows helped the 30-share BSE Sensex to a record high of 64,414.84 and the Nifty reached a high of 19,108.20 points.
The sensex reached a record high when it closed at 63,915.42, rising 499.39 points or 0.79 percent. The NSE Nifty also reached a record high on Wednesday, closing at 18,972.10, up 154.70 points or 0.82 percent.According to exchange data, Foreign Portfolio Investors were net purchasers on Wednesday in the capital market, purchasing shares worth Rs. 12,350 crore.