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Wednesday, July 24, 2024

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.

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