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Rupee Jumps 47 Paise to 94.26 Against U.S. Dollar in Early Trade
Foreign-currency deposits under a special Reserve Bank of India programme brought in $127.226 billion, helping the rupee offset higher crude and global yields.
- The rupee appreciated 47 paise to 94.26 against the USD in early trade on Thursday, supported by higher than expected Foreign Currency Non-Resident deposits mobilization.
- India mobilized a record $127.23 billion through the special FCNR program. The Reserve Bank said these deposits bolstered foreign-exchange liquidity.
- Forex traders noted the movement reflects strong inflows and aggressive RBI intervention, while Sensex climbed 221.17 points and Nifty rose 59.55 points in early trade.
- IFA Global noted this gives RBI capacity to defend the currency, though banking system liquidity surplus will likely reach around 10 lakh crore, creating a sterilization challenge.
- Brent crude traded lower by 0.16% at $95.48 per barrel amid escalating US-Iran tensions, as fears of disruption to oil flows through the Strait of Hormuz influence global markets.
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Rupee gains 47 paise as record FCNR inflows boost forex liquidity
On Thursday morning, the Indian rupee saw a notable rise, fueled by an influx of foreign-currency deposits that enhanced the foreign-exchange liquidity of the country. This robust support helped mitigate global economic pressures. Additionally, interventions from the Reserve Bank of India played a crucial role in the rupee's ascent, as domestic equities began the day on a positive note, signaling encouraging market sentiments.
·India
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The Indian rupee has shown good resistance against the dollar. It has gained 47 paise in a single day today. The rupee is trading at 94.26 against the dollar in the Forex market this morning. This is the best position of the rupee in the last three months.
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