Rupee Vs. USD: Indian Rupee Opens Flat Against US Dollar

21 Jun 2023 , 09:38 AM

The Indian rupee started the day with no significant change, opening at 82.12 against the US dollar on Wednesday. This stability came as other Asian currencies experienced weakness.

Ahead of the testimony by US Federal Reserve Chair Jerome Powell to lawmakers, the dollar index slightly rose in Asia. Powell’s speech follows the central bank’s decision last week to maintain interest rates, but with indications of two more rate hikes this year, according to Reuters.

On Tuesday, the rupee witnessed a decline of 18 paise, closing at 82.12 against the dollar. This drop was attributed to expected corporate dollar outflows. Meanwhile, in the pre-opening session, the Indian equity benchmark indices, Sensex and Nifty, showed upward movement.

As per provisional data available on the exchanges, Foreign Institutional Investors (FIIs) net sold Indian equities amounting to Rs 1,942.62 crore on Tuesday. Conversely, Domestic Institutional Investors (DIIs) net purchased shares worth Rs 1,972.51 crore.

For feedback and suggestions, write to us at [e-mail]