Rupee Vs. USD: Indian Rupee Opens 5 paise Lower against USD

15 Jun 2023 , 09:47 AM

The Indian rupee opened 5 paise lower against the US dollar on Thursday after the US Federal Reserve decided to keep interest rates unchanged but signaled potential rate hikes this year.

The local unit started the day at 82.15 against the dollar, compared to the previous day’s closing of 82.10. On Wednesday, the rupee had strengthened by 27 paise against the US dollar, reaching one-month high levels due to expected corporate dollar inflows.

As per data, the Federal Open Market Committee (FOMC) chose to maintain the policy rate in the range of 5%-5.25%, but policymakers indicated the possibility of two more rate hikes later this year.

In the domestic market, the Indian equity market opened with caution as both the benchmark Sensex and Nifty were trading lower.

Foreign Institutional Investors (FIIs) were net buyers of Indian shares on Wednesday, acquiring stocks worth Rs1,714.72 crores, while Domestic Institutional Investors (DIIs) sold Indian equities worth Rs654.77 crore.

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