Rupee opens 29 paise higher at 81.95 against the US dollar
rupee rose 12 paise and closed at 82.24 a dollar. US consumer prices advanced 3% in June, their smallest year-on-year increase since March 2021, after 4% growth in May.
The Core inflation, which excludes volatile food and energy prices, also grew 4.8% last month, moderating from a 5.3% increase in May. The larger-than-expected slowdown in the US inflation fuelled expectations that the US Federal Reserve is close to halting rate hikes. Asian currencies rallied with the Korean won, the Indonesian rupiah and the Malaysian ringgit up 0.7% to 1.1%, Reuters reported.
Crude oil prices rose after US inflation and economic data sparked hopes the Federal Reserve may opt for fewer interest rate hikes. Brent crude futures rose 0.47% to $80.49 per barrel, while US West Texas Intermediate crude futures were up 0.44% at $76.08.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty oepned higher. On Wednesday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹1,242.44 crore, while Domestic Institutional Investors (DIIs) net bought shares to the tune of ₹436.71 crore, as per provisional data available on the exchanges.
Read more on livemint.com
