Currency watch: Rupee rises 16 paise to 85.76 against dollar; crude oil slide & weak greenback lift sentiment

Time of India

a day ago

The rupee appreciated by 16 paise to settle at 85.76 against the US dollar on Tuesday, helped by a weaker greenback and softer crude oil prices globally. However, persistent foreign fund outflows and uncertainty surrounding the ongoing India-US trade negotiations limited the currency's upward movement, according to forex dealers.
At the interbank foreign exchange market, the rupee opened at 85.97 and moved in a tight range between 85.75 and 85.97 during the session. It eventually ended the day at 85.76, recovering from its previous close of 85.92, PTI reported.
"The Reserve Bank of India has been guarding the rupee at the 86.00 level and on Tuesday also ensured that the rupee opens a tad higher than 86," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
He added, "For tomorrow (Wednesday), we expect the rupee to be in the range of 85.50–86.10 with expectations of more flows."
Dollar, crude prices ease
The dollar index, which tracks the US currency against a basket of six peers, declined 0.11% to 97.97, supporting emerging market currencies. Brent crude, the global oil benchmark, was down 0.43% to $68.91 per barrel in futures trade, reducing pressure on India's import bill.
Trade talks and equity flows in focus
The gains in the rupee were tempered by ongoing concerns over the outcome of bilateral trade negotiations between India and the US.
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A team from India's commerce ministry is currently in Washington for the latest round of discussions on the proposed bilateral trade agreement. The four-day meeting began on Monday and is set to conclude on Thursday.
M
eanwhile, India's merchandise exports held steady at $35.14 billion in June, while the trade deficit narrowed to a four-month low of $18.78 billion, according to government data released Tuesday.
On the domestic equities front, both benchmark indices ended in the green. The Sensex rose 317.45 points to close at 82,570.91, and the Nifty advanced 113.50 points to settle at 25,195.80.
Foreign institutional investors (FIIs) were net buyers on the day, purchasing equities worth Rs 120.47 crore, according to stock exchange data.
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