Rupee Surges 42 Paise To 83.00 Against US Dollar In Early Trade | Markets News
In a significant upturn, the Indian rupee surged by 42 paise to reach 83.00 against the US dollar in early trade today. This notable appreciation comes amid positive market sentiment and a rebound in global risk appetite. Factors contributing to this surge include favourable economic indicators, robust foreign inflows, and a weakening of the US dollar against major currencies.
Earlier, the rupee witnessed a rebound in early trade on Thursday and appreciated 11 paise to 83.42 against the US dollar, supported by positive domestic equities. Elevated crude oil prices and sustained foreign fund outflows also dented investor sentiments, forex traders said.
Moreover, market participants remained cautious ahead of the Reserve Bank’s rate-setting panel’s decision to be announced on Friday, traders said, At the interbank foreign exchange market, the local unit opened at 83.44 against the greenback.
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