The value of Rupee slightly appreciated by 1 paisa to settle at 82.03 (provisional) against the US dollar, amidst a weak greenback in overseas markets and a rally in domestic equities. Although concerns over interest rate hikes in the US and geopolitical worries capped the gains in the local unit, a weak US currency in the global markets and a fall in crude oil prices supported the Rupee, according to analysts.
The Interbank Foreign Exchange Market saw Rupee opening at 82.02, and later fluctuating within a narrow band of 81.95 to 82.03 throughout the day on Tuesday.
This news indicates how Rupee has fared in comparison to US dollar, as investors and analysts keep a close watch on the value of the Indian currency. The US dollar has faced weakness overseas, while domestic equities have witnessed a growth in value. At the same time, concerns about a potential hike in interest rates by the US have led to doubts about Rupee’s continued appreciation.
Despite such concerns, Rupee has seen some gains due to the weakness in the US currency and the fall in crude oil prices. Investors continue to keep a close eye on the currency market, as it impacts various industries and businesses across India.
The steady performance of Rupee indicates a constantly evolving global market scenario, which needs to be monitored carefully by investors and analysts alike to gauge the impact on various sectors of the economy.
