Meanwhile, India's forex reserves increased USD 5.574 billion to USD 629.557 billion in the week ended January 24, the Reserve Bank said on Friday.
US President-elect Donald Trump on November 30, warned the BRICS countries against making attempts to undermine US currency. He had threatened a 100 per cent tariff on the member countries for such a step.
In the 2023 BRICS Summit, Brazilian President Luiz Inacio Lula de Silva pitched a proposal to study the feasibility of a new common currency. However, India has made it clear that it is not against the Dollar.
Following three weeks of successive increase, the Indian foreign exchange reserve registers all time high growth. Earlier in the week ending on April 5, the highest ever forex reserve was achieved with USD 648.562.
Despite the potential for intervention, analysts remain doubtful about its effectiveness. Tapas Strickland from the National Australia Bank highlighted that macroeconomic fundamentals do not currently support a significant shift towards a hawkish monetary stance.
The positive momentum over the past nine sessions has seen the rupee gain 48 paise since January 2, when it was at 83.32 against the dollar.
The dollar index, which gauges the strength of the greenback against a basket of six currencies, stood at 102.35, while the global oil benchmark, Brent crude, was priced at USD 78.54 per barrel.
The rupee started the session weaker at 83.08 against the US dollar at the interbank foreign exchange, fluctuating between 82.86 and 83.10. The currency eventually settled at 82.90.
Stock markets: The 30-share BSE Sensex climbed 293.59 points to reach its new all-time intra-day peak of 67,088.73 in early trade. The NSE Nifty gained 80.3 points to hit a record intra-day high of 19,829.55.
Stock markets: The 30-share BSE Sensex opened lower and fell further by 294 points to hit a low of 65,785.64 in early trade.
Stock markets: Extending their previous day's rally, the 30-share BSE Sensex climbed 178.34 points to 62,050.96 in early trade. The NSE Nifty gained 51.1 points to 18,372.
Data released Thursday by the Federal Statistical Office shows Germany's gross domestic product, or GDP, declined by 0.3 per cent in the period from January to March. This follows a drop of 0.5 per cent in Europe's biggest economy during the last quarter of 2022.
Among the Sensex firms, HDFC, HDFC Bank, Maruti, IndusInd Bank, Larsen & Toubro, Mahindra & Mahindra, Bharti Airtel and ITC were the biggest laggards. Bajaj Finance, Infosys, Bajaj Finserv, Wipro, Asian Paints and Tata Consultancy Services were among the major gainers.
According to Bart Melek, who is the Head of Commodity Markets Strategy at TD Securities, despite having support at $1,806, gold prices have been declining due to higher-than-anticipated inflation, and the economy has remained robust.
The gold market has recently seen stability in prices, with the precious metal experiencing a negligible change in prices.
The Pakistani rupee's value has devalued by Rs 34 since Thursday in the interbank, the largest depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.
Kay has two more songs in the works before this year ends. A collaboration with Indian social media influencer Manav Chabbra and another Hindi single titled “Mein Jaau Kaha”.
The rupee opened at 82.19, then fell further to 82.43 and finally settled for the day at an all-time low of 82.32 against the American currency At the interbank foreign exchange market, registering a decline of 15 paise over its previous close.
Mumbai: At the interbank foreign exchange, the rupee opened at 79.92 against the American dollar and touched 79.84 in initial deals, registering a gain of 7 paise over the last close.
The 30-share Sensex was trading 594.25 points or 1.05 per cent higher at 57,452.04, while the broader NSE Nifty rose 182.85 points or 1.08 per cent to 17,112.45.
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