Rupee gains 7 paise against US Dollar
The rupee gained 7 paise on Thursday, closing at 85.55 per US dollar after bouncing back from early losses.
A weaker dollar and falling oil prices helped, even as Indian stock markets slipped and foreign investors pulled out ₹1,481 crore.
Stronger rupee is good news for importers
A stronger rupee is good news for importers since it makes buying things from abroad a bit cheaper. On the flip side, exporters might feel the pinch with slimmer margins.
Don't expect big swings soon—the rupee is likely to hover around these levels in the near future unless something major changes.
Investors are watching upcoming US jobs data for clues on where things go next.
Sensex, Nifty also moved slightly
The main triggers were disappointing US job numbers and a drop in Brent crude oil prices by about 1%.
Meanwhile, Indian stock indices dipped slightly—Sensex fell by 170 points and Nifty by 48 points.
Analysts think the rupee will stay between 84.90 and 85.60 in the near future as everyone waits for more economic updates.