Rupee falls 13 paise to open at 82.36 against the US dollar
The Indian rupee opened 13 paise lower against the US dollar on Thursday after minutes of the US Federal Reserve’s June meeting hinted at more interest rate hikes this year. The local unit opened at 82.36 a dollar as compared to the previous close of 82.23.
The minutes showed that the central bank was split on pausing interest rate hikes in June and sees more rate hikes at a slower pace going ahead.
The dollar index rose, while near-maturity US yields marched higher and equities pulled back.
The rupee depreciated 20 paise to close at 82.23 against the US dollar on Wednesday
Most Asian currencies were down 0.2% to 0.4%. The 2-year Treasury yield rose to 4.9630% in Asia, hovering near the highest since March, Reuters reported.
Crude oil prices were steady after the latest output cuts from Saudi Arabia and Russia and a bigger-than-expected drop in US crude stocks.
Brent futures eased 0.14% to $76.54 a barrel, while US West Texas Intermediate (WTI) crude rose 0.06% to $71.83 a barrel.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading lower in the pre-opening session.
On Wednesday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹1,603.15 crore, while Domestic Institutional Investors (DIIs) net sold shares worth ₹439.01 crore, as per provisional data available on the exchanges.
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Updated: 06 Jul 2023, 09:10 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.