Record High Sensex Today: Here's a Quick Update on the Stock Market - Winners include Coal India, BPCL, Kotak Mahindra Bank, ITC, and Hindalco Industries. Losers are HDFC Life, Cipla, Divis Labs, Maruti Suzuki, and Shriram Finance.
Today, the Indian Rupee rose by 0.15% as domestic stocks reached record highs and the US Dollar weakened. Additionally, a drop in crude oil prices supported the Rupee. Crude oil prices fell recently due to reports of reduced tensions in the Middle East after Israel withdrew its troops from Southern Gaza.
The US Dollar also weakened as investors scaled back their positions ahead of inflation data. Despite this, hawkish statements from Federal Reserve officials prevented a significant decline.
We anticipate the Rupee to maintain a slightly positive trend, supported by strong domestic market sentiment and a weakening US Dollar. Furthermore, a decrease in crude oil prices could bolster the Rupee. However, any resurgence of tensions in the Middle East might limit gains.
Traders should exercise caution ahead of US inflation data and the release of minutes from the Federal Open Market Committee (FOMC) meeting. A high inflation figure could strengthen the US Dollar, while softer inflation data might further weaken it. We expect the USDINR spot price to fluctuate between Rs 82.90 and Rs 83.40.
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