Dollar vs Rupee: In the foreign exchange market today, the rupee was trading at 83.43 against the US dollar in the opening session. It is expected that the rupee will strengthen against the dollar amid a stronger greenback after the US Federal Reserve’s decision to keep interest rates unchanged.
Forex traders said the Indian rupee is under pressure due to rising crude oil prices. However, foreign investment inflows and positive sentiment in equity markets may support the rupee following the Fed’s decision. After opening at 83.41 against the dollar today, the rupee fell against yesterday’s level of 83.43.
Rupee strengthened by 2 paise against dollar on Tuesday
On Tuesday, the rupee closed at 83.43 against the dollar with a rise of 2 paise. Which fell by 7 paise on Monday. The foreign exchange market was closed on Wednesday on the occasion of Maharashtra Day. Today the dollar index was trading in the red zone. The dollar index was trading down 0.08 percent at 105.67.
Fed Reserve’s decision
On Wednesday, the US Federal Reserve announced keeping benchmark interest rates unchanged, based on market expectations. Besides, the possibility of no cut in interest rates this year has also been expressed. Investors and traders will now keep an eye on Friday’s US non-farm payrolls data.
Brent crude rose 0.56 percent
Brent crude futures were trading 0.56 per cent higher at $83.91 per barrel in the morning session. At 12.57 pm, BSE Sensex was trading at 237.18 points, while Nifty 50 was trading 74.15 points higher. FIIA on Tuesday Rs. Purchases worth Rs 1071.93 crore were recorded.
