Currency Market: Rupee trades in narrow range against US dollar

Rupee opened connected a level enactment and roseate conscionable 3 paise from its all-time debased level to 84.47 against the US dollar successful greeting commercialized connected Friday, arsenic the enactment of affirmative home equities was negated by geopolitical pressures and unabated overseas portfolio outflows.

The US dollar strengthened successful the overseas marketplace and Brent lipid continued to determination up arsenic warring betwixt Ukraine and Russia continued to summation investors' attention.

Moreover, overseas organization investors person continued their equities selling mode and kept the dollar good bid.

At the interbank overseas exchange, the rupee opened astatine 84.48 and moved successful a choky scope and touched 84.47 against the greenback, registering a summation of conscionable 3 paise implicit its erstwhile close.

On Thursday, the rupee depreciated 8 paise to settee astatine an all-time debased of 84.50 against the US dollar.

"The Indian rupee made a caller debased connected Thursday aft the Reserve Bank of India (RBI) allowed it to autumn arsenic the US dollar scale moved higher to 107.10 and US yields continued to stay astatine 4.42 per cent," Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Bhansali further added that the rupee has depreciated 0.5 per cent successful November it has managed to outperform astir Asian currencies arsenic RBI managed it with its immense reserves.

"The REER (Real Effective Exchange Rate) for October-24 roseate to 107.21 from 105.34 successful September -24 indicating the rupee was overvalued against a handbasket of 40 currencies and truthful RBI volition let it to depreciate slowly," helium said.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading higher by 0.06 per cent astatine 107.03.

Brent crude, the planetary lipid benchmark, surged by 0.23 per cent to USD 74.40 per tube successful futures trade.

CR Forex Advisors MD Amit Pabari said, domestically, the rupee faced further turbulence aft the US District Court successful New York indicted Adani Group Chairman Gautam Adani and respective elder executives successful a multi-billion-dollar bribery and fraud scandal.

The allegations, which see claims of USD 250 cardinal (around Rs 2,100 crore) successful bribes to Indian officials to unafraid star vigor contracts, person created a tempest of antagonistic sentiment, Pabari added.

On the home equity marketplace front, Sensex was trading 296.48 points, oregon 0.38 per cent higher, to 77,452.27 points. The Nifty roseate 95.15 points, oregon 0.41 per cent, to 23,445.05 points.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Thursday, arsenic they offloaded shares worthy Rs 5,320.68 crore, according to speech data.