The Indian rupee moved within a limited range and gained 2 paise against the US dollar in early trading on Thursday, July 11, 2024. Positive trends in domestic stocks supported this, while high crude oil prices hurt investor sentiments.

The local currency opened at 83.49 in the foreign exchange market, up by 2 paise from its previous close. On Wednesday, the rupee remained within a thin range and closed 2 paise lower at 83.51 against the US dollar.

Amit Pabari, MD of CR Forex Advisors, stated that demand for the dollar from local importers has limited the rupee’s potential gains. However, the overall outlook for the rupee remains positive, supported by strong foreign inflows and India’s strong macroeconomic growth.

Pabari also mentioned the Reserve Bank of India’s efforts to prevent the rupee from depreciating below 83.70, despite pressure from oil companies due to high oil prices.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, was trading at 104.93, down by 0.11 per cent.

Brent crude futures, the global oil benchmark, rose by 0.76 per cent to USD 85.73 per barrel.

Data from the exchanges indicated that Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they bought shares worth Rs 583.96 crore.

On the domestic equity market front, the 30-share BSE Sensex gained 105.32 points, or 0.13%, reaching 80,030.09 points. The NSE Nifty also rose by 21.60 points, or 0.09%, reaching 24,346.05 points.

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