IANS | 11 Jan, 2024
The rupee edged up by 2 paise vis-a-vis the US dollar to close at
83.01 on Thursday, making it the seventh consecutive day of gain for the
Indian currency.
Lower crude oil prices in the global market and
sustained buying of equity in the stock markets by foreign funds has
helped the rupee to stay steady.
"Rupee exhibited a wide range,
fluctuating between 82.92 and 83.07 during the day. Market participants
are closely watching the US Consumer Price Index (CPI) data scheduled
for the evening. The outcome of this crucial data will play a
significant role in shaping the Federal Reserve's stance on potential
interest rate cuts. If the inflation data comes in weaker, it could
provide support for the Fed to consider rate cuts in the coming months,"
said Jateen Trivedi, VP Research Analyst, LKP Securities.
"Despite
the range-bound movements, the rupee has shown some strength at the
beginning of 2024, aided by positive participation in the capital
markets and RBI interventions maintaining support around 83.30-83.40.
The broader range for the rupee is anticipated to be between 82.75 and
83.25," Trivedi added.
