Rupee Remains Steady at ₹83.73 Against US Dollar in Early Trading

The rupee held steady at ₹83.73 against the dollar on Friday due to a softer dollar and foreign capital inflows. Brent crude rose, while equity markets and manufacturing growth slowed.

Vinayak Hagargi
August 2, 2024
12:27 pm
1 min read

The rupee remained steady at ₹83.73 against the US dollar on Friday, influenced by weak equity markets and a rise in global crude oil prices. Forex traders noted that the Indian currency gained support due to a softer dollar following the US Federal Reserve’s decision to hold interest rates steady and some foreign capital inflows into Indian stocks.

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At the interbank currency exchange, the rupee opened at ₹83.74 but edged slightly up to ₹83.73 against the dollar, maintaining the previous day’s closing level. On Thursday, the rupee had fallen by 5 paise to end at ₹83.73.

Brent crude oil, the global benchmark, increased by 0.79% to USD 80.15 per barrel in futures trading. Meanwhile, in domestic equity markets, the BSE Sensex dropped by 614.96 points or by 0.75% to 81,252.59, and the Nifty fell by 194.80 points or by 0.78% to 24,816.10.

A recent monthly survey showed a slight slowdown in India’s manufacturing sector growth to 58.1 in July from 58.3 in June, due to reduced new orders and output. Selling prices surged to their highest since October 2013. Additionally, July’s GST collections rose by 10.3% to over ₹1.82 lakh crore, driven by increased domestic transactions.

Vinayak Hagargi

Vinayak is a passionate financial markets enthusiast with 4+ years of experience. He has curated over 100 articles simplifying complex financial concepts. He has a unique ability to break down financial jargon into digestible chunks. Vinayak aims to empower newbies with relatable, easy-to-understand content. His ultimate goal is to provide content that resonates with their needs and aspirations.

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