Mumbai: The Indian rupee surged against the US dollar in early trade on Monday, June 3, 2024. Positive sentiment in domestic equity markets on the back of strong macroeconomic data, exit poll results showing a third term for the Prime Minister Narendra Modi-led government, weakening of the American currency and inflow of foreign capital into domestic equities supported the local currency.
At the interbank foreign exchange market, the local currency opened at 83.09 and gained further to trade at 83.04 against the US dollar in initial deals, registering an increase of 38 paise from its previous close. The rupee had breached the 83.00 level on March 18 this year. The local unit clocked the highest single-day rise since April 2023 when it appreciated by 42 paise. On Friday, the rupee declined 13 paise to close at 83.42 against the US dollar.
Also Read: Taiwan Athletics Open 2024: India win 7 medals
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.06 per cent lower at 104.56. Foreign investors were net buyers of Indian equities on Friday as they purchased shares worth Rs 1,613.24 crore on a net basis.
Post Your Comments