Rupee closed higher at 83.3800 per Dollar on Friday (17 May 2024), versus its previous close of 83.5225 per Dollar.Powered by Capital Market - Live News

British Pound eased against the US dollar for a second session today as weakness in US equities weighed on the sentiments amid most gains in the US dollar. The GBPUSD pair is currently quoting at 1.2652, down 0.21% on the day. Pound has eased from a five week high and looks slightly weary as the benchmark stock market index FTSE100 is in red today, quoting down 0.40% on the day. The United Nations noted yesterday that In the United Kingdom, a mild recovery is underway after the economy slipped into recession in the second half of 2023. GDP is projected to grow by 0.8% in 2024 and 1.5% in 2025, up from 0.1% in 2023. While this is slightly encouraging for the Pound, the uncertainty over US Fed�s monetary policy is keeping Dollar supported and is pushing major currencies lower. Powered by Capital Market - Live News

The US dollar index edged up marginally today, gaining for a second session as a bounce from five week low stayed in place. However, mixed comments from the US Fed officials weighed on the sentiments and capped gains for the US currency. Cleveland Fed President Loretta Mester said she still regarded progress on inflation this year as disappointing and noted that if long-term expectations also begin to increase the Fed may need to be open to further rate increases. Meanwhile, Atlanta Fed president Raphael Bostic noted that while he is pleased with inflation progress, the Fed is not yet there. He stated that it could be appropriate to reduce states towards year end. Dollar index tracked these comments amid a largely mixed set of economic data on Thursday and currently quotes at 104.46, up 0.11% on the day. Powered by Capital Market - Live News

The Indian rupee edged up marginally today but remains in an overall a narrow range. The dollar index rose for a second straight day to above 104.5 on Friday after recent losses. Dollar has dropped as signs of cooling inflation and slowing momentum for the broader economy reinforced expectations for Federal Reserve interest rate cuts this year. The INR currently quotes at 83.47, up 3 paise on the day. Traders are eying gains in local equities. The NSE Nifty index soared sharply yesterday, adding around 0.90% on the day and continued to surge today as well. NIFTY hit a one and half week high around 22480 mark, keeping INR supported.Powered by Capital Market - Live News

Rupee closed higher at 83.5225 per Dollar on Thursday (16 May 2024), versus its previous close of 83.5450 per Dollar.Powered by Capital Market - Live News