Rupee opens 4 paise higher at 96.31 against US dollar

The Indian rupee opened 4 paise higher at 96.31 against the US dollar on Friday, 17 July, but continued to face pressure amid weakening global risk sentiment and elevated crude oil prices.

The domestic currency is on a four-session losing streak, having breached several key technical levels that market participants had expected to offer support. The rupee is now trading within 0.5% of its record low of 96.96 per US dollar, touched in May.

Market participants said the Reserve Bank of India (RBI) has continued to intervene almost daily in both the spot and non-deliverable forward (NDF) markets to curb excessive volatility. However, traders noted that the scale of intervention has remained relatively measured despite the sustained pressure on the currency.

The rupee has weakened even as foreign portfolio flows have improved, particularly in equities. Foreign institutional investors (FIIs) have purchased nearly $1.5 billion worth of Indian equities so far this month, marking a sharp reversal from the more than $5 billion in net outflows recorded in June. Despite the return of equity inflows, persistent concerns over rising oil prices and geopolitical tensions have continued to weigh on the domestic currency.

Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.

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