Rupee edges up against US dollar

MUMBAI — The rupee edged up by 2 paise vis-a-vis the US dollar to close at 83.01 on Thursday, making it the seventh consecutive day of gain for the Indian currency.

Lower crude oil prices in the global market and sustained buying of equity in the stock markets by foreign funds has helped the rupee to stay steady.

"Rupee exhibited a wide range, fluctuating between 82.92 and 83.07 during the day. Market participants are closely watching the US Consumer Price Index (CPI) data scheduled for the evening. The outcome of this crucial data will play a significant role in shaping the Federal Reserve's stance on potential interest rate cuts. If the inflation data comes in weaker, it could provide support for the Fed to consider rate cuts in the coming months," said Jateen Trivedi, VP Research Analyst, LKP Securities.

"Despite the range-bound movements, the rupee has shown some strength at the beginning of 2024, aided by positive participation in the capital markets and RBI interventions maintaining support around 83.30-83.40. The broader range for the rupee is anticipated to be between 82.75 and 83.25," Trivedi added.

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