Rupee rises 3 paise in early trade
The Hindu
Rupee rises 3 paise to 83.22 vs USD on Wed; equity markets, weaker US dollar support. FIIs net sellers in capital mkt; Brent crude up 0.31%. USD-INR to trade sideways, FOMC mins may indicate more rate hikes. BSE Sensex up 0.58%, Nifty 115 pts.
The rupee appreciated 3 paise to 83.22 against the US dollar on Wednesday, October 11, 2023, tracking cues from positive equity markets and a weaker American currency against major rivals overseas.
However, selling pressure from foreign equity investors weighed on the Indian currency, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.20 and then touched 83.22 against the greenback, up 3 paise from its previous close.
On Tuesday, the rupee settled at 83.25 against the US dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 105.77.
Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said the rupee traded within a narrow range even after more updates came in on the escalating conflict in Israel.
According to him, traders are expected to remain watchful of the US Federal Open Market Committee (FOMC) minutes that may indicate more interest rate hikes, adding strength to dollar.
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