On Friday, the Indian rupee saw a small increase due to foreign investment in local stocks; however, the gains were constrained by importers’ dollar demand.
Before closing at 83.87 (Dh22.85) in the previous session, the rupee was trading at 83.84 (Dh22.84) against the US dollar as of 8.55 a.m. UAE time. Nuvama Alternative and Quantitative Research predicts that the increased weightage for Indian equities, which goes into effect on Friday, will bring in as much as $3 billion.
The Nifty 50 (NSEI) and the BSE Sensex (BSESN), two benchmark Indian equity indexes, both open new tabs. In early trading, they reached all-time highs and were last up roughly 0.2% each. The managing director of FX advisory firm CR Forex, Amit Pabari, stated that the rupee is “likely to trade within a range of 83.75 to 83.90” on the day, with a bias towards slight appreciation.
Anticipations for a US rate cut ahead of the Federal Reserve’s September meeting are probably primarily driven by US PCE inflation, which is expected later this Friday, and labour market data, which is expected the following week.
According to a Reuters poll, India’s GDP data for the April–June quarter will also be disclosed after market hours. It is anticipated to demonstrate that the country’s economic growth slowed to its lowest level in a year.
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