Rupee vs. USD: Rupee opens 10 paise higher against the USD

12 Jul 2023 , 10:14 AM

The Indian rupee started the trading day on a positive note, opening 10 paise higher against the US dollar on Wednesday. The rupee’s gain can be attributed to the broader weakness observed in the greenback ahead of the release of crucial US inflation data.

The local currency opened at 82.27 against the US dollar, marking an improvement compared to the previous close 82.57. On Tuesday, the rupee recorded a gain of 20 paise, closing at 82.37 against the US dollar.

In the pre-opening session, the Indian benchmark equity indices, Sensex and Nifty, were trading higher, indicating a positive sentiment in the domestic market.

According to provisional data on the exchanges, Foreign Institutional Investors (FIIs) were net buyers of Indian equities on Tuesday, acquiring shares worth Rs 1,197.38 crore. On the other hand, Domestic Institutional Investors (DIIs) were net sellers, offloading shares worth Rs 7.25 crore. The inflow of foreign investments in Indian equities reflects the confidence of international investors in the country’s economic prospects.

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