Biggest jump in Gift Nifty

GIFT Nifty: The biggest jump in GIFT Nifty was on 26 September 2023. The highest single day turnover of GIFT Nifty was US$ 15.25 billion.
The biggest jump was seen in GIFT Nifty on 26 September 2023. A record-breaking turnover of US$15.25 billion was done in a single day. According to the information, Nifty touched the record high of 20,008 for the first time, rising by 176.40 points to reach 19,996.35. Nifty attempted to touch 20,000 for the second time since July and was successful. Success of G20, strong GST revenue, improvement in micro economic data, relief from drought threat due to reactivation of monsoon, support to volatile FPIs, Reserve Bank of India’s policy of maintaining interest rates have contributed to the success of this effort. has contributed. Due to this, investors’ capital reached a record level of ~324.26 lakh crore, ignoring factors like weak data from China, maintaining high interest rates by the Federal Reserve in America, rising domestic inflation. Sensex also closed at the second highest level of 67,127, up by 528 points.
Rupee fell by 16 paise to reach a low of 83.32 against the dollar.
Rupee fell by 16 paise to reach a low of 83.32 against the dollar. The rupee recovered from a low of 83.29 against the dollar in October 2022. But now considering the global trends, there is a possibility of the Indian currency falling to 83.50. The foreign exchange market has expressed the possibility that RBI will increase the purchase of dollars in the coming days. The main reasons behind the fall of the rupee are crude oil prices reaching a 10-month high of $ 94 per barrel, the upcoming meeting of the US Federal Reserve this week and the dollar index breaking above the 105 level. The dollar index was at its strongest since March 2023.
RBI supported the rupee at lower levels but has now refrained from aggressive dollar selling, which has provided limited support to the rupee. The dollar index has reached 105 against the world’s top six currencies for the first time since March 2023, the pressure on Asian currencies is also affecting the Indian rupee.
Rupee may reach 83.50-83.70
The dollar index hit a five-month high as fears of a Fed rate hike and higher crude oil prices added to volatility in global currency markets. There will be pressure on the rupee in the short to medium term. Dilip Parmar, Research Analyst, AchDFC Securities said that it is likely to slip to the current low between 83.50 and 83.70. India’s exports declined by 7 percent at the end of last week, which was considered a negative factor.