Rupee adds 7 paise vs the US dollar to finish at 83.30

 Rupee adds 7 paise vs the US dollar to finish at 83.30

Rupee adds 7 paise vs the US dollar to finish at 83.30

Data from the Controller General of Accounts (CGA) show that as of the end of October, the government's fiscal deficit was 45% of the full-year budget forecast.

November saw the manufacturing sector in India maintain its solid performance, according to a monthly survey released on Friday.

Friday saw the rupee finish 7 paise higher at 83.30 (provisional) vs the US dollar on the back of encouraging signals from the equities markets and solid macroeconomic data from home. The weakening of crude oil prices on global markets, according to forex experts, has benefited the local currency as well.

He stated that since OPEC+, a group of nations that produce oil, has decided not to cut output in 2024, the price of crude oil globally has decreased from US$84 to US$80 per barrel. The rupee began the day higher at 83.29 versus the dollar at the interbank foreign exchange rate, and it moved throughout the day between a high of 83.25 and a low of 83.36 against the US dollar. It ultimately finished against the US dollar at 83.30 (provisional), up 7 paise from its previous closing. The rupee dropped 5 paise to settle at 83.37 versus the dollar on Thursday.

The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was down 0.19 percent at 103.30 on Friday. Benchmark Brent crude futures for the world market dropped 0.23 percent to US$80.67 a barrel. The Sensex finished at 67,481.19, up 492.75 points, or 0.74 percent, on the front of the domestic equities market. To hit 20,267.90, the Nifty increased by 134.75 points, or 0.67 percent. November saw the manufacturing sector in India maintain its solid performance, according to a monthly survey released on Friday.

From an eight-month low of 55.5 in October, the adjusted for season S&P Global India Manufacturing Buying Managers' Index (PMI) increased to 56 last month. According to exchange statistics, foreign institutional investors acquired shares worth Rs 8,147.85 crore on Thursday, making them net purchasers in the capital market. Government data published on Thursday shows that India's gross domestic product (GDP) expanded by 7.6% from July to September, above most expectations, including the Reserve Bank of India's (RBI) 6.5% projection. The tag was still in place. fastest-growing major economy in the world.

Furthermore, according to further data that was concurrently revealed, the production of eight key infrastructure sectors increased by 12.1% in October 2023 as opposed to 0.7% in the same month the previous year. Data from the Controller General of Accounts (CGA) show that as of the end of October, the government's fiscal deficit was 45% of the full-year budget forecast.