Rupee Vs. USD: Indian Rupee opens 3 paise higher against the USD

28 Jun 2023 , 10:45 AM

The Indian rupee opened with minimal changes against the US dollar on Wednesday, influenced by a moderation in the domestic current account deficit (CAD) and an uptick in US yield. The local unit opened 3 paise higher at 82 against the dollar, compared to the previous close of 82.02.

The Indian equity benchmark indices, Sensex and Nifty, showed upward momentum during the pre-opening session. On Tuesday, Foreign Institutional Investors (FIIs) made net purchases of Indian shares worth Rs 2,024.05 crore, while Domestic Institutional Investors (DIIs) recorded net sales amounting to Rs 1,991.35 crore.

As per reports, the stability in the opening value of the Indian rupee suggests the influence of factors such as moderation in the current account deficit and movements in US yields. The buying activity by FIIs reflects continued interest in Indian equities, while DIIs opted for net selling, indicating differing strategies or market outlooks among institutional investors.

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