Rupee Vs. USD: Indian Rupee opens 29 paise higher against the USD

13 Jul 2023 , 10:39 AM

The Indian rupee opened 29 paise higher against the US dollar on Thursday, supported by a weak greenback and hopes of a potential pause in US interest rate hikes. The local currency began trading at 81.95 against the dollar, compared to the previous day’s close of 82.24.

The dollar index dropped to its lowest level over a year, reaching 100.54, following data showing a faster-than-expected slowdown in US inflation.

On Wednesday, the rupee strengthened by 12 paise, closing at 82.24 against the dollar. The Indian benchmark equity indices, Sensex and Nifty, opened higher.

Foreign institutional investors (FIIs) sold Indian shares worth Rs 1,242.44 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 436.71 crore, according to provisional data.

The positive opening of the rupee against the dollar, driven by a weaker greenback and encouraging economic factors, sets a favorable tone for the day’s trading activities.

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