Rupee opens 5 paise higher at 82.56 against US dollar
The Indian rupee opened 5 paise higher against the US dollar Wednesday led by an uptick in Asian peers and a broader weakness in the greenback. The rupee opened at 82.56 to a dollar against the previous close of 82.61.
The US dollar eased as traders assessed the odds of a rate hike by the Federal Reserve next week. The US dollar index slipped 0.03% to 104.05.
On Tuesday, the rupee ended 6 paise higher at 82.61 against the US dollar amid a softer greenback after weak US services data.
Easing crude oil prices supported the local currency. Brent crude futures declined 0.33% to $76.04 a barrel, while the US West Texas Intermediate crude futures fell 0.33% to $71.50 a barrel.
Meanwhile, persistent dollar demand, likely from oil companies and other importers, kept the rupee upside capped.
On the domestic front, investors will keep an eye on the Reserve Bank of India’s monetary policy decision to be announced on June 8, wherein the central bank’s rate-setting panel is widely expected to hold interest rates.
The Indian benchmark indices, Sensex and Nifty were trading in the green in the pre-opening session.
On Tuesday, the Foreign Institutional Investors (FII) net bought Indian shares worth ₹385.71 crore, while Domestic Institutional Investors (DII) net sold shares worth ₹489.02 crore, as per the data available on exchanges.
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Updated: 07 Jun 2023, 09:16 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.