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Rupee Gains By 43 Paise Against US Dollar: 10 Things To Know

INR vs USD today: After opening higher at 71.43 against the greenback, the rupee climbed to as much as 71.23 by late afternoon deals.

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Rupee Gains By 43 Paise Against US Dollar: 10 Things To Know

INR Vs USD rate: On Wednesday, the rupee had settled higher at 71.66 against the dollar.

The rupee rose by as much as 43 paise against the US dollar on Thursday. After opening higher at 71.43 against the greenback, the rupee climbed to as much as 71.23 by late afternoon deals. According to analysts, gains in domestic stock markets and foreign fund inflows strengthened the domestic currency. At 3:03 pm, the rupee traded at 71.31 against the US currency, up 35 paise - or 0.48 per cent - from its previous close of 71.66.
Here are 10 things to know about the movement in the rupee against the US dollar (rupee vs dollar) today:
  1. US President Donald Trump on Wednesday announced a delay in the proposed increase in Chinese import tariffs by 15 days. Analysts said the announcement of enthused investors.
  2. Describing this as a goodwill gesture, Mr Trump said that he had moved the increased tariffs on $250 billion worth of goods from October 1 to October 15.   
  3. "At the request of the Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary on October 1st, we have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25 per cent to 30 per cent), from October 1 to October 15," Mr Trump tweeted.   
  4. Besides, a higher opening in domestic equities and weakness in the US currency overseas supported the rupee.    
  5. Domestic equity markets pared early gains in afternoon deals on Thursday amid selling in automobile stocks. The NSE Nifty benchmark moved in a range of 65.95 points, between 11,081.75 and 11,015.80 at the day's strongest and weakest levels respectively.
  6. “Asian currencies are stronger and trading with decent gains against the US dollar,” said IFA Global, a forex advisory firm. It expects the rupee to move in a range of 71.30-71.70 in the near term. 
  7. The dollar index, which gauges the greenback's strength against six currencies, was last seen down 0.01 per cent at 98.63.    
  8. Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 266.89 crore on Wednesday, according to provisional exchange data.    
  9. Brent crude futures, the global benchmark for crude oil prices, rose 0.72 per cent to trade at $61.25 per barrel.
  10. Domestic investors awaited inflation and factory output data due for release after market hours on Thursday, said analysts.




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