Indian Rupee Is Trading at 85.6225 against US Dollar

Financial Market Overview

Indian Rupee

The Indian rupee opened stronger at 85.3150 against the U.S. dollar on Friday, compared to its previous close of 85.5325 on Thursday. The Indian rupee strengthened, appreciating 12 paise to ?85.42 against the US dollar in early trade. This rise is attributed to positive global cues, including a softer dollar index and easing crude oil prices, which benefit emerging market currencies and oil-importing nations like India. Domestically, resilient macroeconomic indicators such as steady GDP growth, controlled inflation, and a manageable current account deficit contribute to a stable economic environment, further supporting the rupee's strength. Analysts suggest the rupee may maintain stability if current global and domestic trends continue, but warn of potential volatility from unforeseen geopolitical or economic events. The rupee's appreciation reflects a combination of favorable international factors and strong domestic fundamentals, with market participants closely monitoring upcoming developments.    

Indian Equities 

The Nifty was trading down by 62.60 points at 24,999.50, while the Sensex was trading down by 250.25 points at 82,280.49.

Following significant gains yesterday, the Indian stock market opened cautiously today, with key indices starting below their previous closing levels, signaling initial investor hesitancy. However, the GIFT Nifty indicates a likely positive opening, suggesting a potential 100-point gap-up for the Nifty 50, building on prior momentum. Sector-wise, power, PSU, realty, and capital goods are up by 1 percent each, while pharma and IT sectors are down by 0.5 percent each. The BSE Midcap and Smallcap indices are both trading higher by 0.5 percent.  

Major gainers on Nifty were BEL, Adani Enterprise, Tata Consumer, Bajaj Auto, Hindustan Unilever while major losers included Bharti Airtel, Indusind Bank, HCL Tech, Shriram Finance, Infosys.

Global Market

Asian market traded mixed as follows:  Hong Kong’s Hang Seng was down by 90.18 points at 23,363.69, the Nikkei 225 was down by 1.79 points at 37,753.72, and China’s Shanghai Composite was down by 13.36 points at 3,367.46.

FTSE 100 to open up 10.7 points, 0.1%, at 8,644.45 on Friday The index of London large-caps closed up 48.74 points, 0.6%, at 8,633.75 on Thursday. DAX futures are up 0.72%. CAC40 is edged slightly higher at 0.45%.

Wall Street traded as follows: S&P 500 went up by 24.35 points at 5,916.93, Dow Jones futures went up by 61.00 points at 42,446.00, and Nasdaq Composite futures went up by 18.25 points at 21,418.50.

The price of a barrel of Brent crude was down by 0.04 points to $64.49.