The Indian rupee closed almost flat at 89.23 against the US dollar on Wednesday, as foreign fund outflows and muted global cues kept the currency in a tight range.
According to the latest update from PTI, the rupee showed minimal movement throughout the session, with traders waiting for major US economic data and crude oil trends before taking fresh positions.
Despite mild pressure from global economic uncertainties, the rupee managed to stabilise after an early dip.
Why Did the Rupee Stay Range-Bound?
Analysts point to several factors that influenced the rupee’s performance:
✔ Foreign Fund Outflows
Overseas investors continued withdrawing funds from Indian equities, adding mild pressure.
✔ Muted Risk Appetite Globally
Investors worldwide remained cautious ahead of key US inflation and interest-rate signals.
✔ Stable Crude Oil Prices
Crude oil remained within a narrow band, helping limit the rupee’s downside risk.
✔ Dollar Index Movement
The US Dollar Index showed limited volatility, contributing to a flat close for the rupee.
Intraday Movement
The rupee opened slightly weaker
Recovered some ground as trading progressed
Stayed in a narrow range due to lack of strong cues
Closed the day nearly unchanged at 89.23
Traders described market sentiment as “calm but cautious.”
Global Market Influence
Currency markets globally remained subdued as investors awaited:
US GDP data
Federal Reserve commentary
Global oil inventory reports
Asian market reactions
A stronger dollar and geopolitical uncertainties kept emerging-market currencies restrained.
🇮🇳 Domestic Market Snapshot
On the domestic front:
Equity indices saw mild volatility
Bond yields remained steady
RBI’s presence in the forex market helped maintain stability
The rupee’s resilience reflects the central bank’s active management of currency fluctuations.
FAQs
1. What was the rupee’s closing rate today?
It ended nearly flat at 89.23 against the US dollar.
2. What caused the flat movement?
Foreign fund outflows, muted global cues, and steady crude prices.
3. Did global markets impact the rupee?
Yes, cautious global sentiment and dollar strength kept the rupee stable but unmoved.
4. How did crude oil affect the rupee?
Stable crude prices prevented additional pressure on the currency.
5. What is the outlook for the rupee?
Movement will depend on upcoming US economic data and foreign fund flows.
Published on : 26th November
Published by : SMITA
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Source Credit: Content inspired by reporting from PTI,