Market Morning Updates September 8: In line with its Asian rivals and falling crude oil prices, the Indian rupee strengthened 27 paise to 79.68 against the dollar in Thursday's opening session.
The local unit began trading at 79.72 versus the dollar on the interbank foreign exchange, touching 79.68 in early trades, up 27 paise from its previous finish. The rupee lost 13 paise on Wednesday to end the day at 79.95 against the dollar.
The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.05% to 109.78. The benchmark for world oil, Brent crude futures, up 1.06% to USD 88.93 a barrel.
Analysts noted that the dollar index weakened to 109.78 and Asian currencies gained modestly as crude oil prices dropped under USD 90 per barrel. In anticipation of the speech by U.S. Federal Reserve Chair Jerome Powell and the meeting of the European Central Bank (ECB), forex traders warned that the currency could decline even more by watching the strength of the dollar.
The 30-share BSE Sensex was up 506.4 points, or 0.86%, to 59,535.31 on the equity market. The larger NSE Nifty gained 148.90 points, or 0.84%, to reach 17,773.30.
According to preliminary data, foreign institutional investors (FIIs) continued to be net buyers in the capital markets on Wednesday, buying shares worth 758.37 crore.
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