Rupee begins unchanged vs the US dollar at 83.26

 Rupee begins unchanged vs the US dollar at 83.26

The rupee's strength is anticipated to endure due to robust domestic backing and demand over the festival season.

Constant inflows into the debt market offset negative sentiment notwithstanding FPI withdrawals.

On November 9, the value of the Indian rupee remained relatively stable in relation to the US dollar, despite increases in Asian currencies. The domestic currency was up 0.02 percent from its previous closing of 83.28 to a dollar at 9.10 am.

Since there is significant domestic backing and festive demand, the rupee is expected to stay firm. Consistent inflows into the debt market are offsetting negative sentiment notwithstanding FPI withdrawals. Analysts predicted that the rupee would strengthen as a result of SBI's $1 billion fundraising strategy and Vedanta's probable $2.5 billion target.

Ahead of a panel discussion with US Federal Reserve chair Jerome Powell, Asian currencies saw a surge. Powell's response to the recent loosening of financial conditions following the FOMC meeting will be widely watched.

Asian money units

The Thai Baht rose 0.22 percent, the Philippines peso 0.21 percent, when the South Korean won gained 0.33 percent. The Japanese yen, Singaporean dollar, and Hong Kong dollar all saw increases of 0.06 percent.

The US currency's strength relative to other major currencies is gauged by the dollar index, which was trading at 105.523 on Tuesday, down 0.06 percent from its previous closing of 105.593.