The Indian rupee strengthened for the second day in a row against the US dollar on Friday, ahead of expected foreign investments due to changes in the MSCI index in August. The rupee gained 3 paise, opening at Rs 83.84 against the US dollar. On Thursday, the currency closed at Rs 83.87.
Some increase in the value of the rupee seems likely, with about $3 billion expected to enter the market today due to the MSCI changes, said Amit Pabari, managing director at CR Forex Advisors. He added that the rupee is likely to trade between Rs 83.75 and Rs 83.90 today, and in the medium term, it could range between Rs 83.60 and Rs 84.05, with a chance of further strengthening.
Crude oil prices stabilized after rising on Thursday because of positive US economic data and worsening supply disruptions in Libya. At 11:45 a.m. IST, international benchmark Brent crude oil was up 0.44% at $79.17 Traders are now waiting for India’s GDP and US inflation data, which will be released later in the day.
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