Rupee Maintains Steadiness Against Dollar at 82.82, Awaits RBI Policy and US Inflation Data
On August 9, the Indian rupee exhibited resilience, holding its position at 82.82 against the US dollar. This minor surge of 1 paise comes just a day ahead of the Reserve Bank of India’s bi-monthly policy review outcome and the awaited release of US inflation data. In the preceding trading session, the rupee concluded at 82.83 vis-à-vis the dollar. As of 11:30 am, the rupee was trading at 82.81 against the dollar. The day’s high for the dollar is marked at 82.85, while the lowest point reached stands at 82.79.
In the realm of other Asian currencies, the dollar witnessed fluctuations. The Chinese currency experienced a 0.23% appreciation, the Thai Baht displayed a 0.22% increase, and the Japanese Yen edged up by 0.11%. Conversely, the Singapore Dollar and the Malaysian Rupiah exhibited a rise of 0.07%. In contrast, the Philippine peso and the Taiwan dollar recorded a slight decline of 0.04%.
Despite a marginal dip on August 8, the Indian markets persist in a consolidation phase. Notably, the 19500 level serves as a pivotal support for Nifty, setting the stage for the forthcoming RBI policy on August 10.
The dollar index, maintaining a stronghold above 102, has sustained this trend for the 7th consecutive day. During August, the index has gained 0.63% after enduring 2 months of continuous decline. While the US inflation data is anticipated on August 10, its influence is already detectable in the gold and silver prices, which have touched 1-month lows on the COMEX.
Foreign institutional investors exhibited a sale of Rs 711.34 crore in the Indian markets on August 8. In contrast, domestic institutional investors made purchases amounting to Rs 537.31 crore on the same day.