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Rupee Rises 21 Paise To Open At 96
Rupee Rises 21 Paise To Open At 96.05 Against US Dollar
Rising for the second straight day, the Indian rupee on Friday strengthened by 21 paise to 96.05 against the US dollar in the early trade. The local currency has recovered in two days, largely driven by aggressive pre-market dollar selling from the Reserve Bank of India.
The local currency had rebounded 50 paise from its all-time closing low to settle at 96.36 in the previous session on Thursday.
The rupee had declined 2.5% over the previous nine days and was at risk of slipping to 97 for the first time before the intervention.
Forex traders said markets found some comfort after comments from US Secretary of State Marco Rubio hinted that diplomatic talks linked to the Iran situation were moving in a constructive direction.
Although Rubio warned that he does not want to be “overly optimistic," the comments were enough to calm markets temporarily.
As a result, Brent crude oil cooled near the USD 104 mark, reducing immediate pressure on the rupee, traders said.
At the interbank foreign exchange market, the rupee opened at 96.30 against the US dollar, then touched 96.18 in early trade, up 18 paise from its previous close.
On Thursday, the rupee rebounded 50 paise from its all-time closing low to settle at 96.36 against the US dollar.
“Another major reason behind the rupee’s recovery is growing confidence around RBI’s planned USD 5 billion buy-sell swap auction on 26th May. The move is expected to inject more rupee liquidity into the banking system and improve RBI’s ability to manage excessive currency volatility," CR Forex Advisors MD Amit Pabari said.
This reinforces market confidence that the central bank remains prepared to actively smooth volatility if global conditions deteriorate further, Pabari added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.24, down 0.01 per cent.
Brent crude, the global oil benchmark, was trading up 1.59 per cent USD 104.21 per barrel in futures trade.
“Any supportive measures like RBI swaps or positive deal flows could strengthen the rupee, while absence of such triggers may gradually push the pair towards 97.00 levels," Pabari said, adding that geopolitical tensions remain the key risk factor. A sustained close below 94.80 would be needed to signal a broader trend reversal in the rupee, he said.
On the domestic equity market front, Sensex climbed 332.39 points to 75,507.09 in early trade, while the Nifty was trading up 84.60 points to 23,747.40.
Foreign Institutional Investors offloaded equities worth Rs 1,891.21 crore on a net basis on Thursday, according to exchange data.
Meanwhile, Commerce and Industry Minister Piyush Goyal on Thursday said the government is considering several steps to contain the widening Current Account Deficit (CAD) amid a weakening rupee and widening trade deficit.
Washington and Tehran continued to hold opposing positions on Iran’s uranium stockpile and control of the Strait of Hormuz, although US Secretary of State Marco Rubio noted there had been “some good signs" in talks.
“It remains unclear whether a breakthrough is imminent," MUFG Bank said in a note, while noting that tentative optimism around a potential agreement was supporting risk sentiment. US equities rose on Thursday, with futures indicating the upward momentum could extend.
(With inputs from agencies)
Source: News18
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