Rupee depreciates 12 paise to open at 82.38 against the US dollar
Read here: Fitch cuts US credit rating to AA+ from AAA after debt limit standoffs; White House “strongly disagrees" “Rupee is likely to appreciate today amid expectation of correction in dollar. Dollar is likely to retreat from its high after US credit rating downgrade.
Additionally, US ADP Non-Farm employment change data is projected to show that less number of jobs were added in economy in July," ICICI Direct said in a note. Meanwhile, surge in crude oil prices and risk aversion in the global markets may prevent sharp gains in rupee, it noted.
The brokerage firm expects USDINR to face hurdle near 82.50 and slip back till 82.20 level. Crude oil prices rose, trading near their highest since April, after industry data showed a much steeper-than-expected draw in US crude oil inventories last week.
Brent crude futures rose 0.94% to $85.71 a barrel, while US West Texas Intermediate crude gained 0.98% to $82.17 a barrel. On the domestic front, the Indian equity indices, Sensex and Nifty were trading lower in the pre-opening session.
On Tuesday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹92.85 crore, while Domestic Institutional Investors (DIIs) net purchased shares worth ₹1,035.69 crore, as per provisional data available on the exchanges. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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