Rupee up 16 paise in early trade | Trade Nivesh
Trade Nivesh On Thursday, the rupee opened 16 paise against the US dollar at 70.68. The US Federal Reserve on Wednesday decided to keep interest rates stable, which supported the rupee.
On Wednesday, the rupee closed at a one-month high of 70.85, with the rupee gaining 7 paise against the dollar. The dollar slipped to a four-month low due to the US Central Bank not raising the Federal Reserve interest rate.
The US Central Bank (Fed) rate-fixing committee unanimously decided to keep the benchmark lending rate between 1.50 and 1.75 percent for the first time since May. After the Monetary Policy meeting, Fed Chairman Jerome Powell said that three times the cut in interest rates during 2019 has helped the US economy.
The US Central Bank (Fed) rate-fixing committee unanimously decided to keep the benchmark lending rate between 1.50 and 1.75 percent for the first time since May. After the Monetary Policy meeting, Fed Chairman Jerome Powell said that three times the cut in interest rates during 2019 has helped the US economy.
Talking about the domestic front, the eyes of investors will be on inflation and industrial production figures. Both these figures will be released today. Motilal Oswal Financial Services said in a report, "Worse than expected, bad figures can increase the volatility of the rupee. Today, the exchange rate of dollar and rupee is expected to be in the range of 70.70 and 71.20.
Meanwhile, the BSE Sensex opened strong at 40,561.34 points. It closed at 40,412.57 on Wednesday. During the morning trading, its low was 40,496.82 points. At 9.30 am, the Sensex was trading at 40,543 levels with a gain of 130 points or 0.32 per cent. At the same time, the Nifty 50 index was also trading at 11,950 points with a gain of 39 points or 0.34 percent.
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