The Indian rupee experienced a decrease against the US dollar on Wednesday due to increased demand for the dollar from importers and a rise in crude oil prices. The rupee settled at 82.73 against the dollar, which was slightly lower than its closing of 82.71.
The dollar index, which measures the performance of the US currency against six currencies, saw a small decline of 0.03%, reaching a value of 103.50. This drop occurred after job opening numbers in the US labor market.
Specifically, job openings in the US for July reached their point in over two years. These weak figures have led to speculation about interest rate cuts by the US Federal Reserve. The rupee had closed down by 8 paise against the dollar at 82.71 on the day.
Market participants are eagerly awaiting the release of second-quarter GDP figures for the US today. At the time, India’s first quarter GDP data is scheduled to be released tomorrow, along with jobless claims and PCE inflation metrics in the US.
In the energy industry, we witnessed a rise in oil prices. Brent crude futures went up by 0.57%. Reached $85.98 per barrel, while the US West Texas Intermediate (WTI) crude saw a 0.73% increase and settled at $81.75 per barrel.
On the front, India’s main stock market indices closed almost unchanged on Wednesday. The banking and financial sectors faced some losses due to the impact of indicators.