Rupee rises 8 paise
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Rupee rises 8 paise- In the money world, the Indian rupee had a great day last Friday, gaining 8 paise to finish at 83.16 against the US dollar. Why? Our local stock markets were doing well, and more foreign money was coming in. But, as with any story, there were challenges.
Starting Off: A Steady Beginning at 83.23
The day began at the foreign exchange market with the rupee starting at 83.23 against the dollar. It was the start of a day with surprises.
The Rupee’s Moves: Up and Down
As the day went on, the rupee moved between 83.24 and 83.12 against the dollar. Finally, it settled at 83.16, gaining 8 paise from the previous close.
Looking Forward: Where the Rupee Might Go
Looking ahead, Parmar pointed out that the spot USD/INR has support at 83.10 and resistance at 83.35, giving us a hint about where the rupee might head next.
Global News: Dollar’s Dilemma and Oil’s Rise
While the rupee did its thing, the dollar index, which measures the dollar against other currencies, went down by 0.25%, landing at 102.68. On the oil front, Brent crude, the global benchmark, went up by 0.90% to reach USD 78.29 per barrel.
Local Victories: Stock Market Success and Foreign Investors’ Cheers
Talking about our home turf, the stock markets had their own story. The Sensex went up by 178.58 points, or 0.25%, ending at 72,026.15 points. The Nifty, another stock index, went up by 52.20 points, or 0.24%, reaching 21,710.80 points.
Foreign Institutional Investors (FIIs) were in the spotlight, buying shares worth Rs 1,513.41 crore on Thursday, according to exchange data.
Big Picture: Good News for India’s Services Sector
In the big picture, our country’s services sector did well. In December, it reached a three-month high. The HSBC India Services PMI Business Activity Index went up from 56.9 in November to 59 in December, showing a big increase in output, the most since September.
In the end, the rupee’s performance last week was like a rollercoaster, with ups, downs, and a promising outlook ahead. As we say goodbye to last week’s money story, we’re ready to see what happens next in the ever-changing world of money matters.
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