The Indian rupee opened higher by 7 paise against the US dollar on Tuesday due to fall in the dollar index and narrowing of India’s trade deficit. The rupee opened at 82.23 against the US dollar as against its previous close of 82.30.
The US dollar remained under pressure, weighed down by the risk of a US default as the standoff between Democrats and Republicans over raising the debt ceiling showed few signs of being resolved, Reuters reported.
The US dollar index, which measures the currency against a basket of six major peers, was little changed at 102.46, after slipping 0.26% overnight and retreating from a five-month high.
on monday the Rupee closed It closed 15 paise lower at 82.30 against the US dollar, weighing on the strength of the American currency at the overseas market.
The euro, which has the biggest weight in the dollar index, was little changed on Tuesday at $1.0873 after bouncing off a five-week low. Sterling fell 0.1% to $1.2520 after rallying 0.67% since Monday. The yen, which was hit by a widening spread between US and Japanese long-term yields, pulled itself off near two-week lows.
During this, Asian market Trim gains after data from China showed both consumer spending and industrial activity grew at a slower pace than expected in April. The offshore yuan weakened.
On the other hand, crude oil prices traded higher with benchmark Brent oil rising 0.43% to $75.55 per barrel and WTI crude oil rising 0.43% to $71.41 per barrel in early trade.
of India on the domestic front goods trade deficit declined to $15.2 billion in April from $19.7 billion in the previous month. The goods and services deficit fell to a 21-month low of $1.38 billion.
Indian stock markets gained ground on Monday with benchmark indices Sensex and Nifty closing at five-month highs. bank nifty The record close was recorded as investor sentiment improved amid a decline in domestic wholesale and retail inflation as well as sustained foreign capital inflows.
BSE Sensex It closed at 62,345.71, up 317.81 points or 0.51%, while the NSE Nifty 50 advanced 84.05 points or 0.46% to 18,398.85.
Foreign Institutional Investors (FII) bought Indian shares on the net 1,685.29 crore, while domestic institutional investors (DIIs) bought shares on a net basis 191.20 crores on Monday.
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