Rupee Vs Dollar Today: The rupee settled at 76.09 against the dollarThe rupee snapped its losing streak and clocked its very first gain in 7 sessions on Thursday, December 16, rebounding 23 paise to settle at 76.09 versus the dollar as individuals took note of weakening of the greenback after United States Fed turned hawkish.
At the interbank foreign exchange market, the regional system opened at 76.31 against the dollar and registered an intra-day high of 76.06.
On Wednesday, December 15, the regional unit plunged by 44 paise to close at a 20-month low of 76.32 against the dollar.
The United States Federal Reserve indicated multiple interest rate increases next year.The gratitude predisposition in the rupee may be curtailed, amidst growing concerns over the Omicron version of coronavirus, firm petroleum costs and persistent foreign fund outflows, according to forex traders.
The US dollar index, which measures the greenback's strength versus the basket of six currencies, fell 0.37 per cent to 96.15.
Mr Amit Pabari, MD, CR Forex: As extensively anticipated in the market, Fed doubled the speed of bond tapering from $15 bln to $30 bln/month and anticipated to wind up the program by March-2022.
The Fresh *'Dot Plot' suggests 12 out of 18 policymakers see 3 rate hikes next year which is much more aggressive than the September meeting.
Regardless of the very hawkish policy, the United States dollar index fell up to 96.20 levels as safe-haven need fell out of favor.
The US stock market jumped to near record highs and gold/crude oil jumped on a weaker dollar.
In lack of a huge IPO or fundraising activity; the rupee will take assistance from the other factors.
Overall, we are anticipating higher volatility in the set with an anticipated short-term variety of 75.00-76.50.
Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 113.11 points or 0.20 per cent higher at 57,901.14, while the wider NSE Nifty climbed up 27.00 points or 0.16 percent to 17,248.40.
Prashant Tapse, Vice President (Research Study), Mehta Equities Limited: The standards lastly ended an incredibly volatile session on a favorable note, thanks to brief covering in heavyweight stocks like Reliance Industries, Infosys - Bajaj Finance.
Bank Nifty was regrettably an underperformer.
Even the wider markets were not in sync with the up move as Midcap - Smallcap indices ended in red.The photo has actually ended up being murkier for criteria in near term as Fed has indicated 3 rate hikes for 2022.
The Fed has also said it will trim $30 billion from its initial $120 billion program of monthly purchases of Treasuries and mortgage-backed securities, up from a $15 billion cut previously described.
According to stock exchange information, the foreign institutional financiers were net sellers in the capital market on Wednesday, as they unloaded shares worth Rs 3,407.04 crore.
Brent crude futures, the global oil standard, rose 1.12 percent to $74.71 per barrel.