Against the US dollar, the rupee rises 9 paise to 82.69.
The rupee has risen 9 paise against the US dollar to 82.69. This is a positive development for the Indian economy, as a stronger rupee indicates more stable prices and more foreign investment. The rise in the rupee is also good news for Indian exporters, as it makes their products more competitive in the global market.
The rupee appreciated 9 paise to 82.69 against the US dollar in early trade on Tuesday. Forex traders said sustained foreign fund outflows weighed on investor sentiments. Crude oil price retreated from its elevated levels, limiting appreciation bias for the rupee.
The dollar index, which measures the value of the dollar against a basket of six different currencies, increased 0.03 percent to 103.55.
The benchmark for world oil, Brent crude futures, saw a 0.30 percent fall to USD 85.65 per barrel.
“India’s manufacturing PMI for December increased from 55.7 in November to 57.8 in December. This demonstrates that the economy is still robust, as are other high frequency indicators like auto sales and statistics from the main sectors, “In a research statement, IFA Global Research Academy stated.
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