In early trade, the Indian rupee rose 5 paise to 77.99 against the US dollar

15 Jun 2022 , 10:17 AM

In early trade on Wednesday (15-06-2022), the rupee started flat and then rose 5 paise to 77.99 versus the US dollar. Domestic markets, high crude oil prices, and ongoing foreign capital outflows, according to forex traders, impacted the local currency.

The rupee began at 77.99 versus the dollar on the interbank foreign exchange, up 5 paise from its previous close. The rupee fell to a historic low of 78.04 versus the US dollar on Tuesday.

The dollar index, which measures the strength of the greenback against a basket of six currencies, dropped 0.28 percent to 105.21. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee began flat versus the dollar on Wednesday ahead of the result of the US Federal Reserve meeting.

Stock futures have opened with minor gains, which should limit the downside for the USD/INR spot pair, according to Iyer. Asian and developing market peers have started mixed, while equity futures have started with tiny gains. Brent crude prices increased 0.19 percent to USD 121.40 per barrel, the global benchmark.

On the domestic front, the BSE Sensex was down 47.1 points, or 0.09 percent, at 52,646.47, while the wider NSE Nifty was down 13.95 points, or 0.09 percent, at 15,718.15. According to exchange statistics, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 4,502.25 crore.