Finance
In early trade on Wednesday, the rupee was trading in a limited range and gained seven paise against the US dollar, despite a lackluster trend in local markets.
The rupee is trading in a limited range, according to forex traders, as investors remain cautious ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium this week.
At the interbank foreign exchange, the local unit started at 83.02 and reached a high of 82.92 versus the US dollar, representing a seven-paise increase over its previous close.
On Tuesday, the rupee had recovered from its all-time low levels and settled higher by 14 paise at 82.99 against the US dollar.
“Market awaits with baited breadth the Jackson Hole Symposium between 24th and 26th in which Fed Chairperson’s speech will be keenly watched,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.08 point to 103.48.
Brent crude futures increased 0.17 percent to USD 84.17 per barrel, the global oil benchmark.
The 30-share BSE Sensex was trading 8.36 points, or 0.01 percent, higher at 65,228.39 in the domestic equity market. The NSE Nifty gained 8.20 points, or 0.04 percent, to 19,404.65.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 495.17 crore.
Source:FE
