Rupee opens flat at 82.82 against the US dollar
1 min read 09 Aug 2023, 09:18 AM ISTThe US dollar index - which measures the currency against the euro, yen and four other counterparts - was little changed at 102.50 in the Asian morning, following a 0.47% rise in the previous session, Reuters reported.
PremiumThe Indian rupee opened flat against the US dollar on Wednesday amid strength in the American currency and weak risk appetite. The local currency opened at 82.82 a dollar as compared to the previous close of 82.84.
The dollar remained held on to overnight gains against major peers amid safe-haven demand on risks from a floundering Chinese economy and downgrades for US banks.
The US dollar index - which measures the currency against the euro, yen and four other counterparts - was little changed at 102.50 in the Asian morning, following a 0.47% rise in the previous session, Reuters reported.
“Rupee is likely to appreciate today amid expectation of a correction in the dollar after dovish comments from Fed official. However, sharp gains may be prevented on weak global market sentiments. Additionally, investors will closely monitor US CPI data and RBI monetary policy due tomorrow," ICICI Direct said in a note.
It expects USDINR to face hurdles near 82.95 and slip back till 82.70 level.
Investors now await the US inflation data due Thursday. Meanwhile, the RBI policy decision is due on Thursday, wherein the central bank is expected to keep policy rate unchanged but may retain the hawkish tone amid the recent jump in food prices.
Crude oil prices fell as concerns over slow demand from top crude importer China grew after bearish trade data.
Brent crude futures fell 0.21% to $85.99 a barrel, while US West Texas Intermediate (WTI) crude was at $82.73 a barrel, down 0.23%.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading lower in the early session.
On Tuesday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹711.34 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹537.31 crore, as per provisional data available on the exchanges.
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