The rupee fell 4 paise to 82.29 against the US dollar in early trade on Wednesday, as local shares fell. The rupee is trading in a limited range, according to forex traders, as investors anticipate the US Federal Reserve’s interest rate decision later in the day. The domestic unit opened at 82.28 on the interbank foreign exchange, then slipped to 82.29, a 4 paise drop from its previous closing. The rupee closed at 82.25 per dollar on Tuesday.
Strong fundamentals, persistent FII inflows, and the lowering of the dollar index are all factors supporting the rupee’s appreciating bias, according to CR Forex Advisors MD Amit Pabari. The dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.05 percent to 103.28.
Brent crude futures increased 0.8% to USD 74.35 per barrel, the global oil benchmark. The 30-share BSE Sensex was trading 23.73 points, or 0.04 percent, lower at 63,119.43 in the domestic equity market. The NSE Nifty gained 5.90 points, or 0.03 percent, to 18,722.05. According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital markets on Tuesday, purchasing shares worth Rs 1,677.60 crore.
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