In early trade on Wednesday, the rupee lost 8 paisas to begin at 79.82 versus the US dollar as traders awaited the US Federal Reserve’s interest rate announcement for more indications. The local currency, according to forex dealers, suffered from the strength of the American dollar in international commerce and a flat domestic equity market. Furthermore, the local unit was hampered by risk-off attitudes and high crude oil prices.
The rupee depreciated 8 paise from its previous level to start the day at 79.82 versus the dollar on the interbank foreign exchange market. In early transactions, the local currency likewise reached 79.79 to the dollar.
The rupee ended the day on Tuesday 7 paise higher at 79.74 to the dollar. Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, stated that investors are anticipating the Federal Open Market Committee’s (FOMC) decision on interest rates this evening. He added that while the market has already priced in a 75 basis point increase, a 100 basis point increase would be a significant indication and would drive the dollar index higher.
In the meanwhile, the dollar index, which measures the value of the US dollar against a basket of six other currencies, increased by 0.04 % to 110.26. Benchmark Brent crude futures for the world’s oil increased 0.23 % to USD 90.83 a barrel.
The 30-share BSE Sensex was up 23.85 points, or 0.04 %, at 59,743.59 on the domestic equities market, while the larger NSE Nifty was up 2.05 points, or 0.01 %, at 17,818.30. According to exchange statistics, foreign institutional investors were net purchasers on Tuesday, buying shares worth Rs1,196.19 crore.
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