Finance
In early trade on Wednesday, the rupee fell 12 paise to 82.90 against the US dollar, weighed down by a strong American currency after US inflation data for January fueled fears that the Federal Reserve will keep interest rates higher for longer.
Investor sentiment was further harmed by a flat trend in domestic equities and firm crude oil prices, according to forex traders.
The domestic unit opened weak at 82.90 against the dollar on the interbank foreign exchange, down 12 paise from its previous close.
The rupee closed at 82.78 against the dollar in the previous session on Tuesday.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, increased 0.14 percent to 103.38.
Brent crude futures fell 0.70 percent to USD 84.98 per barrel, the global oil benchmark.
According to data, the US CPI rose 6.4% in the year to January, the smallest increase since October 2021.
The 30-share BSE Sensex was trading 265.2 points, or 0.43 percent, lower at 60,767.06 in the domestic equity market. The NSE Nifty fell 69.85 points, or 0.39 percent, to 17,860.00.
According to exchange data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, purchasing shares worth Rs 1,305.30 crore.
Source:BS
