The rupee was up 9 paise to 82.61 against the US dollar at the start of Friday trading

The rupee rose 9 paise to 82.61 against the US dollar at the start of Friday’s trading on Friday, after positive signals from domestic equity markets were based on strong macroeconomic data. However, according to forex traders, the outflow of foreign funds and oil prices, which have fluctuated around $87 a barrel, have hurt the local currency.

India recorded GDP growth of 7%, according to government data released on Thursday. in the April-June 2023-2024 period, it rose to 8%, the highest level in four quarters, allowing the country to maintain its position as the largest and fastest-growing economy in the world.

In the interbank FX market, the National Unity opened strong at 82.58 before hitting a low of 82.63 against the dollar. Later the rupee was 82.61 against the Dollar, up 9 Paise from the previous close. The rupee hit 82.70 against the dollar on Thursday.

Gaurang Somaiya, FX and Gold Analyst at Motilal Oswal Financial Services said: “The rupee edged up after data showed growth accelerated to 7.8% in the April-June quarter of FY24.”However, growth in the manufacturing sector fell to 4.7% in the first quarter of the current financial year from 6.1% in the same period of the previous year.

US dollar

“The dollar edged up yesterday after the core PCE index rose 4.2%, slightly faster than 4. In June it was 1%. Growth. Volatility is expected to be low today ahead of the release of key US nonfarm payroll data and the ISM manufacturing PMI. Weaker-than-expected data could see the dollar continue to weigh heavily on its major stocks. We expect USDINR (spot price) to move sideways with a bearish bias and trade in the 82.30-82 range.80,” added Somaiya. Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.03% to 103.65.

Brent futures, the global benchmark for crude oil, are trading at 0.23% higher to $87.03 a barrel. In the domestic stock market, the 30-stock BSE Sensex index traded at 71.05 points, up 0.11%, from a price of 64,902.46 points. The broader NSE Nifty index rose 36.90 points, or 0.19%, to 19,290.70 points. According to stock market data, Foreign institutional investors (FIIs) conducted net sales in the capital market on Thursday, selling Rs.2,973.10 crore worth of shares.

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