Rupee closed unchanged at 83.5300 per Dollar on Friday (03 May 2024), versus its previous close of 83.5300 per Dollar.Powered by Capital Market - Live News

The Indian rupee appreciated 3 paise to settle at 83.43 (provisional) against the US dollar on Friday, tracking a weak American currency and retreating international crude oil prices. Dollar index futures are quoting marginally down on the day at 105.09, tracking falling treasury yields with benchmark 10-year yields quoting at 4.5%. Meanwhile, massive selling in the domestic equity market and outflow of foreign funds capped the gains in the local currency. At the interbank foreign exchange, the domestic unit opened at 83.40 and moved in the range of 83.34 and 83.44 against the greenback during the session. The benchmark S&P BSE Sensex ended the session down 732.96 points, or 0.98 percent, at 73,878.15. The broader NSE Nifty index hit record levels in the first hour of trade before reversing course to end at 22,475.85, down 172.35 points, or 0.76 percent, from its previous close.Powered by Capital Market - Live News

The British pound is adding slight momentum against the dollar on Friday as the American currency is adding to weakness following a less hawkish FOMC this week. Investors now shift focus to April non-farm payrolls data later in the global day for further cues on Federal stance on interest rates. Currently, dollar index futures are quoting marginally down on the day at 105.09, tracking falling treasury yields with benchmark 10-year yields quoting at 4.5%. Easing geo political tensions in the Middle East are also reducing safe haven demand for the greenback that is seen willing to break below 105 mark. GBPUSD pair is currently quoting at $1.2564, up 0.18% on the day. BoE�s monetary policy decision slated next week is also keenly awaited for further guidance on direction. From the UK docket, the seasonally adjusted S&P Global UK Services PMI Business Activity Index was at 55.0 in April, up from 53.1 in March. The latest reading indicated the fastest rate of business activity growth since May 2023. On the NSE, GBPINR futures continue to trade with mild volumes and is quoting at 104.59, up marginally on the day. Powered by Capital Market - Live News

Indian Rupee edged up a bit today after recent slide as weak economic cues clubbed with falling US dollar index supported the currency. INR currently quotes at 83.40 per US dollar, up 6 paise on the day. Rupee gained despite selling in local equities. The Indian manufacturing sector started the first fiscal quarter in a high gear, according to the latest HSBC PMI data. Operating conditions improved at the second-fastest pace in three-and-a-half years, supported by buoyant demand. Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers� Index (PMI) signaled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).Powered by Capital Market - Live News

The dollar index is lingering around a near 3-week low on Friday as Fed�s Powell ruled out any possibility of a rate hike in it FOMC meeting. The Federal officials however stay concerned about sticky inflation levels in the US and refrain from cutting policy rates too soon. Investors now shift focus to April non-farm payrolls data later in the global day for further cues on Federal stance on interest rates. Currently, dollar index futures are quoting marginally down on the day at 105.14, tracking falling treasury yields with benchmark 10-year yields quoting at 4.5%. Easing geo political tensions in the Middle East are also reducing safe haven demand for the greenback that is seen willing to break below 105 mark. Among the basket currencies, EURUSD and GBPUSD are staying almost steady at $1.0753 and $1.2551 respectively. Powered by Capital Market - Live News