The weak dollar is likely to support

The Indian rupee is expected to remain cautious against the dollar when opening transactions on Tuesday, September 14, 2021, with investors hanging on their backs to crucial US inflation data. However, the weakness of the dollar abroad should limit the significant losses of the national currency.

On Monday, the rupee fell 18 pounds to close at 73.68 against the US dollar. In the interbank forex market, the local currency opened at 73.63 and fell to a low of 73.73 during the day. Domestic unit eventually settled at 73.68 against the greenback, down 18 paise from its previous close. In the previous session on Thursday, the rupee had stood at 73.50 against the US dollar. The forex market was closed on Friday because of Ganesh Chaturthi.

National equity benchmarks closed a volatile trading session with modest losses on Monday. The barometer index, the S&P BSE Sensex, lost 127.31 points or 0.22% to 58,177.76. The Nifty 50 index lost 13.95 points or 0.08% to 17,355.30. Foreign portfolio investors (REITs) bought shares worth Rs 1,419.31 crore, while domestic institutional investors (DII) were net sellers of Rs 559.59 crore in the market Indian fellow on September 13, according to provisional data.

On the macroeconomic front, inflation based on the Consumer Price Index (CPI) for August 2021 stood at 5.30%, up from 5.59% in July, as food prices rose. are still cooled, especially in the case of vegetable inflation, according to data released by the National Statistical. Office (NSO) aired on September 13.

Overseas, Asian stocks are trading mixed on Tuesday as investors anxiously await the release of US consumer inflation data for August. In the US, the S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on possible corporate tax hikes and upcoming economic data. The Dow Jones Industrial Average also rose, but the Nasdaq Composite Index ended lower.

Meanwhile, the dollar was down Tuesday morning in Asia, as investors wait for US inflation data that could provide a clue on the US Federal Reserve’s timetable for asset reduction. The Dollar Index which tracks the greenback against a basket of other currencies edged down 0.06% to 92.597.

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