39.2 C
Dubai
Wednesday, July 24, 2024
spot_img

Indian Rupee Strengthens by 2 Paise Against US Dollar in Early Trade

The Indian rupee exhibited a minor upward movement, rising by 2 paise to reach 83.30 against the US dollar in the opening trade on Thursday. This marginal improvement was influenced by a correction in crude oil prices and positive trends in the local equities. Despite Foreign Institutional Investor (FII) outflows, the rupee’s sentiment was buoyed by the weakening of the US dollar against major global currencies. In the interbank foreign exchange market, the Indian rupee opened at 83.30, a slight gain from the previous close at 83.32.

Asian Markets Maintain Stability Amid Rate Cut Expectations: Indian Rupee 

Asian shares retained stability on Thursday, holding onto their weekly gains amidst growing confidence in global interest rate reductions expected next year. Oil prices faced a decline due to anticipations of smaller-than-expected output cuts by OPEC+. Investors are closely monitoring Chinese policymakers for potential support measures for the property market and broader growth targets. The MSCI’s index of Asia-Pacific shares outside Japan experienced a marginal dip of 0.11%, with Japan and the US observing holidays. Trading activity was anticipated to be subdued due to the Thanksgiving holiday in the US.

Also Read

Habib Al Mulla and Partners Extend Their Presence with a New Office in Turkey

DriEV’s Charge Towards Eco-Mobility: Envisioning a Cleaner UAE

Related Articles

Alert Smart City: An Investment Opportunity to Revolutionize Crisis Communication in the Era of Climate Change

Leadership in Urban Resilience: The Journey of a Smart City in Crisis Communication Since its inception in 2019, Alert Smart City has been at the...

Srikanth Ravinutala and Adaapt AI : A Journey of Digital Transformation

Introduction Adaapt AI, led by Srikanth Ravinutala, is a pioneering AI-driven platform designed for digital transformation heads, enabling seamless adaptation to new technologies. By...

Explore the GCC’s Newest AI Innovation for Transforming Your Social Media Strategy!

Ardalan Zadehsoltan, founder and CEO of Unlock AI, launched the company to address social media management challenges faced by clients. With a background in...

Sreshta Farmer Producer Company Limited: Pioneering Technology-Driven Farming in Andhra Pradesh

Introduction to Sreshta Farms Sreshta Farmer Producer Company Limited (Sreshta Farms) was established in Kollipara, Andhra Pradesh, with the vision of creating a technology-driven agricultural...

Blockchain Life 2024 in Dubai Unveils First Speakers, Featuring Industry Leaders from Tether, Ledger, TON, Animoca Brands and More

Blockchain Life 2024 in Dubai Unveils First Speakers, Featuring Industry Leaders from Tether, Ledger, TON, Animoca Brands and More Blockchain Life 2024, one of the...

Latest Articles