Rupee Appreciates To 82.28 Vs Dollar: Key Factors Here

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The rupee gained by seven paise to 82.28 vs dollar from its previous close on Friday supported by a decline in crude oil prices and easing of greenback against six other peers overseas.

The rupee gained by seven paise to 82.28 vs dollar from its previous close on Friday supported by a decline in crude oil prices and easing of greenback against six other peers overseas.

Here are various factors impacting the rupee:

– Crude oil below $95 as jump in US crude and gasoline inventories push global benchmarks lower

– Dollar index down after gaining for seven sessions in a row

– Equities extend gains, Nifty50 surpasses 17,300 in early trade

The dollar index — which measures the greenback against a basket of six currencies — fell after gaining for seven sessions in a row following US inflation data reading. It was marginally down at 112.2 at the last count.

The gauge has hovered near 20-year highs for the past few weeks.

Crude oil prices slipped on Thursday as US crude and gasoline inventories jumped. Brent crude futures were trading 0.1 percent lower at $94.5 per barrel at the last count. WTI futures were trading flat at $89.1 per barrel at the last count.

Amit Pabari, Managing Director at CR Forex Advisors, expects the USDINR to trade in the range of 82.00-82.50 levels. “Any dip in the spot should be bought as the pair is likely to move towards 83.00-83.50 levels in the near term.”

Forward yields up to one year were lower by 20 basis points on Thursday, highlighted Abhishek Goenka, founder and CEO of IFA Global. “The RBI could have done this to manage banking system liquidity and to deter banks from doing arbitrage between offshore and onshore,” he said.

Indian equity benchmarks Sensex and Nifty50 opened over one percent higher on Friday pulled by gains across sectors. A worse-than-expected US inflation reading that fueled fears of the impact of steep rate hikes on economic growth. 



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