Rupee Rate Today: On Tuesday, the rupee strengthened 10 paise to settle at 82.71 (provisional) against the US dollar after the dollar dropped from its high points. The local currency started out at the interbank foreign exchange market at 82.74 and fluctuated between a high of 82.59 and a low of 82.79. It ultimately finished at 82.71 against the US dollar, up 10 paise from its previous close and in line with the upward trend in local stocks.
The currency ended the trading day on Monday 34 paise down at 82.81. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased by 0.49 percent to 110.98.
Benchmark Brent crude futures increased 1.42% to USD 94.13 per barrel of oil. The Reserve Bank will report to the government on its inability to keep the retail inflation rate below 6% for three straight quarters starting in January 2022 for the first time since the establishment of the monetary policy framework in 2016.
The Monetary Policy Committee (MPC) of the central bank has been called to a special meeting on November 3. On Wednesday, the US Fed is anticipated to increase interest rates by another 75 basis points, and any hawkish remarks might prolong the greenback’s gains.
The pound and the euro made gains the previous week, and this week’s BoE policy statement will be crucial for these two significant crossings, Somaiya continued.
The 30-share BSE Sensex increased 374.76 points or 0.62 percent to close at 61,121.35 on the domestic equities market, while the larger NSE Nifty increased 133.20 points or 0.74 percent to close at 18,145.40.
According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers on Monday in the capital markets, buying shares worth Rs. 4,178.61 crores. According to a monthly survey released on Tuesday, industrial operations in India continued to be healthy in October, and pricing pressures were restrained as new orders and production increased.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI), which is seasonally adjusted, increased from 55.1 in September to 55.3 in October.