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What is the story about?
The Indian rupee strengthened to a nearly two-month high in early trade on Thursday (October 16), appreciating 40 paise to 87.68 against the US dollar. Analysts attributed the rise to a combination of central bank intervention, a weaker dollar index, and supportive domestic and global factors.
The rupee initially opened at 87.76 at the interbank foreign exchange market and quickly gained ground to touch 87.68, marking a notable recovery from its previous close.
On Wednesday (October 15), the rupee had surged 73 paise to end at 88.08, recording its largest intraday gain in almost four months.
“RBI ensured that the rupee opened higher, curbing speculative trades and preventing the currency from slipping past 88.39 on Wednesday,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Other supportive factors included positive domestic equities, lower crude oil prices, and renewed foreign fund inflows.
The Sensex rose 407.67 points to 83,013.10, while the Nifty gained 104 points to 25,427.55 in early trade. Foreign Institutional Investors (FIIs) were net buyers, acquiring equities worth ₹68.64 crore on Wednesday (October 15).
Global market movements also influenced the rupee. The dollar index, measuring the greenback’s strength against a basket of currencies, declined 0.28% to 98.51. Brent crude futures, however, climbed 0.74% to USD 62.37 per barrel.
On the trade front, India’s exports in September rose 6.74% to $36.38 billion, while imports jumped 16.6%, widening the trade deficit to $31.15 billion—the highest in over a year.
-With PTI inputs
The rupee initially opened at 87.76 at the interbank foreign exchange market and quickly gained ground to touch 87.68, marking a notable recovery from its previous close.
On Wednesday (October 15), the rupee had surged 73 paise to end at 88.08, recording its largest intraday gain in almost four months.
“RBI ensured that the rupee opened higher, curbing speculative trades and preventing the currency from slipping past 88.39 on Wednesday,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Other supportive factors included positive domestic equities, lower crude oil prices, and renewed foreign fund inflows.
The Sensex rose 407.67 points to 83,013.10, while the Nifty gained 104 points to 25,427.55 in early trade. Foreign Institutional Investors (FIIs) were net buyers, acquiring equities worth ₹68.64 crore on Wednesday (October 15).
Global market movements also influenced the rupee. The dollar index, measuring the greenback’s strength against a basket of currencies, declined 0.28% to 98.51. Brent crude futures, however, climbed 0.74% to USD 62.37 per barrel.
On the trade front, India’s exports in September rose 6.74% to $36.38 billion, while imports jumped 16.6%, widening the trade deficit to $31.15 billion—the highest in over a year.
-With PTI inputs
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