Certainly! Here’s a breakdown of the provided information:
1. **Rupee Appreciation**:
The Indian rupee appreciated by 12 paise against the US dollar, reaching a value of 83.17. This was attributed to several factors:
– Bullish trend in domestic equities.
– Record dividend of Rs 2.11 trillion by the Reserve Bank of India (RBI) to the government for the fiscal year ending March 31. This was more than double the budgeted expectation and contributed to improving government finances.
2. **Forex Market**:
The rupee opened at 83.26 against the US dollar and further strengthened to 83.17.
– On the previous trading day, Wednesday, the rupee had appreciated by 2 paise to settle at 83.29 against the US dollar.
– The forex market was closed on Thursday due to ‘Buddha Purnima’.
3. **Market Analysis and Expert Views**:
– Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, commented on the positive impact of the RBI’s dividend transfer on government finances and infrastructure spending.
– CR Forex Advisors MD, Amit Pabari, expressed a positive outlook for the rupee, expecting it to approach levels of 83.00 to 83.10 in the short term and range between 82.80 and 82.50 in the medium term.
4. **Global Market Trends**:
– The dollar index, which measures the greenback’s strength against a basket of six currencies, was trading at 105.11, slightly higher.
– Brent crude futures, the global oil benchmark, advanced marginally to $81.40 per barrel.
5. **Domestic Equity Market**:
– Both benchmark indices, the 30-share BSE Sensex and the broader NSE Nifty, scaled new peaks.
– The Sensex was trading higher at 75,469.25 points, and the Nifty breached the 23,000 level in initial trade.
– The market capitalization of listed companies on the NSE surpassed $5 trillion (Rs 416.57 trillion) on Thursday, coinciding with the Nifty 50 index reaching an all-time high of 22,993.60.
