On Tuesday, the Indian rupee showed resilience by appreciating by 12 paise to ₹94.72 against the US dollar, recovering slightly after a previous decline of 8 paise. The currency opened at ₹94.68 and reached an intra-day high of ₹94.60 before settling at ₹94.72.
The gains were tempered by the persistent strength of the US dollar, which remained robust ahead of global market uncertainties, particularly the US midterm elections. Meanwhile, Brent crude prices fell slightly to USD 104.76 per barrel, attributed to ongoing discussions between Iranian and Qatari officials in West Asia, which raised hopes of a potential resolution to regional tensions.
Domestic financial markets in Mumbai played a supportive role. Foreign Institutional Investors (FIIs) remained net buyers for the second consecutive day, contributing to a robust inflow of ₹3,114.68 crore into Indian equities. This sustained buying activity bolstered investor confidence in India’s economic prospects, reinforcing the rupee’s upward trajectory.
While domestic factors supported the rupee, global conditions remained cautious.
While domestic factors supported the rupee, global conditions remained cautious. The US dollar’s strength kept gains modest, illustrating the delicate balance between domestic economic performance and international market dynamics.