The Indian rupee commenced the day on a stable note, gaining a marginal 1 paisa to reach 83.14 against the US dollar during the morning session on Wednesday. This modest appreciation unfolded within the context of a subdued performance in the domestic equities market. Forex experts noted that the rupee exhibited a slight negative inclination, influenced by foreign investors’ selling activities.
Opening at 83.15 against the dollar at the interbank foreign exchange, the rupee saw a nominal upswing to 83.14, representing a meager 1 paisa increase from its previous close. However, in early trading, the rupee briefly touched a low of 83.16 against the US dollar.
The preceding day had witnessed the rupee settling at 83.15 against the US dollar. Simultaneously, global oil benchmark Brent crude futures experienced a marginal dip of 0.01%, reaching USD 79.54 per barrel. The dollar index, gauging the greenback’s strength against a basket of six currencies, showed a minor decrease of 0.14%, resting at 103.46.
Within the domestic equity sphere, the 30-share BSE Sensex demonstrated a modest ascent, rising by 70.32 points or 0.10% to 70,440.87 points. The broader NSE Nifty also recorded a gain of 29.85 points or 0.14%, reaching 21,268.65 points.
On the investment front, Foreign Institutional Investors (FIIs) exhibited a net selling stance in the capital markets on Tuesday. Their activities involved offloading shares worth Rs 3,115.39 crore, as per exchange data.
In summary, the rupee’s stable opening, coupled with minor fluctuations and the influence of global and domestic market dynamics, characterizes the currency’s performance against the US dollar on this particular Wednesday. Foreign investment trends and oil prices, alongside the broader economic indicators such as the dollar index and equity market movements, collectively contribute to the nuanced landscape of the day’s trading activities.
Check here for the latest updates in Hindi!