The greenback index, which gauges the buck’s power in opposition to a basket of six currencies, fell 0.41 per cent to 101.54.
Forex merchants mentioned important overseas fund inflows and crude oil costs beneath USD 75 a barrel additionally supported the native unit.
The rupee consolidated in a slender vary and settled for the day larger by 6 paise at 81.81 (provisional) in opposition to the US greenback on Wednesday, monitoring the weak spot of the American foreign money within the abroad market.
Forex merchants mentioned important overseas fund inflows and crude oil costs beneath USD 75 a barrel additionally supported the native unit.
At the interbank overseas change market, the native unit opened at 81.80 in opposition to the US foreign money and at last closed at 81.81 (provisional), registering a acquire of 6 paise over its earlier shut.
During the session, the rupee touched a excessive of 81.75 and a low of 81.86 in opposition to the greenback.
On Tuesday, the rupee closed at 81.87 in opposition to the US foreign money.
The greenback index, which gauges the buck’s power in opposition to a basket of six currencies, fell 0.41 per cent to 101.54.
Global oil benchmark Brent crude futures fell 2.04 per cent to USD 73.78 per barrel.
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The Indian rupee appreciated on a weak US greenback and sharp decline in crude oil costs. However, weak home equities capped sharp features, mentioned Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
“We anticipate the rupee to commerce with a slight adverse bias on danger aversion in world markets amid renewed fears over the banking disaster within the US and worries over world financial restoration.
“However, a weak greenback and prolonged fall in crude oil costs might stop a pointy fall in rupee,” Choudhary said.
Sustained FII inflows may also support rupee at lower levels. Investors may remain cautious ahead of the Federal Open Market Committee (FOMC) meeting outcome and ISM services PMI.
“The Fed is expected to hike interest rates by 25 basis points. Traders may also remain cautious ahead of non-farm payrolls data later this week. We expect USDINR spot to trade in between 81.30 to 82.30 in the near-term,” Choudhary mentioned.
On the home fairness market entrance, the 30-share BSE Sensex declined 161.41 factors or 0.26 per cent to finish at 61,193.30 factors, and the broader NSE Nifty fell 57.80 factors or 0.32 per cent to 18,089.85 factors.
Foreign Institutional Investors (FIIs) had been web consumers within the capital market on Tuesday as they bought shares price Rs 1,997.35 crore, based on change knowledge.
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