Rupee jumps to 96.30 against US dollar; share markets open marginally higher
The Indian rupee is set to rise in early trade and is expected to open in 96.66-96.70 range, after having settled at 96.82 on Wednesday.
The behaviour of the rupee has highlighted what the official numbers have obscured for some time — that investors are losing confidence in the Indian economy. Indian stock markets opened higher on Thursday, amid a steep drop in oil prices over signals that the US and Iran may be nearing a deal to end the Middle East conflict.
The BSE Sensex rose 0.55% to 75,732.42, while Nifty 50 saw a 0.72% increase to 23,830.05 as of 9.15 am.
The Indian rupee jumped sharply by 0.54% in early trade to hit 96.30 against US dollar, after having settled at 96.82 during Wednesday’s close.
At 7.28 am, GIFT Nifty futures were trading at 23,791.50, hinting at a higher opening for benchmark Nifty 50 than Wednesday’s close at 23,659.
Asian markets gained 2.7% after US President Donald Trump Wednesday said that negotiations with Iran were in their final stages.
INDIAN RUPEE OPENS UP 0.54% AT 96.30 PER U.S. DOLLAR; PREVIOUS CLOSE 96.82
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