Rupee Appreciates By 33Paise As Markets Recover

New Delhi: The rupee appreciated by 33 paise to close 82.42 (provisional) against the US Dollar today as positive macroeconomic data strengthened investor sentiments. As the interbank foreign exchange market, the local unit opened at 82.54 against the US dollar and settled at 82.42 (provisional), up 33 paise over its previous close amid sustained foreign fund inflows.

Equity benchmark indices declined in initial trade today but soon bounced back to trade in positive territory amid strong GDP data. It continued foreign fund inflows and a largely optimistic trend in Asian markets. The 30-share BSE sensex declined 77.28 points to 62,544.96in early trade.

On the domestic macroeconomic front, manufacturing activities in India have advanced further and touched a 31-month high in May supported by a stronger increase in new orders. Meanwhile, the center’s fiscal deficit narrowed to 6.4 per cent of GDP in 2022-23 from 6.71 per cent in FY22.

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