- Indian Rupee strengthens for 5th consecutive session
- Softer US dollar amid peak Fed rate expectation
- Nifty 50 touches the highest level since mid-April
- S&P Global’s manufacturing and services PMI eyed next
Indian Rupee maintained gains for five consecutive sessions extending last week’s gains. At the foreign exchange market, the value of the Rupee appreciated by 35 paise on Tuesday settling up 0.45% at 78.57 against the US dollar. The USD/INR exchange rate was seen trading on Wednesday within a tight trading range of 78.57 and 78.98.
As recession fears deepen the Fed’s aggressive tightening of monetary policy is seen as softening marking a peak for the greenback.
The dollar index, which gauges the greenback’s strength against a basket of major currencies, settled up 0.89% at 106.34.
US-based financial services company S&P Global is expected to show further contraction in manufacturing output. At the same time, the latest US ISM Services PMI is expected to decrease to 53.5 from 55.3.
Elsewhere, according to the National Stock Exchange of India, domestic institutional investors were net buyers in the local equity market worth Rs 117.79 crore while foreign portfolio investors bought shares worth Rs 825.18 crore.
The domestic benchmark equity index NIFTY 50 settled slightly higher +0.03% at 17,345.45 but the Asian stock retreated Wednesday morning following the risk-averse mood in the global markets.
The Indian 10-year government bond yield settled last time at 7.32%.
Currently, one US dollar buys 78.97 rupees, up 0.52% as of 8:00 AM UTC.