Real Effective Exchange Rate of Rupee spikes in November
The Reserve Bank of India (RBI) in its report highlighted that the Real Effective Exchange Rate (REER) of the Indian Rupee increased to 108.14 in November 2024 from 107.20 in October 2024.
The rupee settled at 76.19 against the US dollar on Friday as strengthening of the US currency and amid buying seen in the domestic equity market.
The rupee opened at 76.28 against the US dollar, regained some lost ground and finally settled for the day at 76.20 against the US dollar, down 6 paise over its previous close. It traded in the range of 76.17-76.30.
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At 14:13 IST, the Sensex was up 278.09 points or 0.81% at 34486.14, and the Nifty was up 81.30 points or 0.81% at 10173.
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Forex traders said factors like strengthening US dollar, rising coronavirus cases and border tension between India and China dragged down the local unit, while positive domestic equities and fresh foreign fund inflows supported the rupee and restricted the decline to some extent.
It had settled at 76.14 against the greenback on Thursday.
During the four-hour trading session, the domestic unit witnessed an intra-day high of 76.17 and a low of 76.29 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.03 per cent to 97.44.
The 30-share BSE benchmark Sensex was trading 343.30 points higher at 34,551.35 and broader NSE Nifty rose 105.30 points to 10,196.95.
Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 366.57 crore on Thursday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, rose 2.51 per cent to USD 42.55 per barrel.
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