Rupee opens 4 paise lower at 83.19 against the US dollar
Also Read: Nifty 50, Sensex today: What to expect from stock market indices in trade on September 26 The 10-year US Treasury yield has climbed above 4.55% and is at its highest level since October 2007 on expectations that the US Federal Reserve is likely to keep interest rates higher for longer, Reuters reported. On Monday, the rupee fell 21 paise to 83.15 a dollar. Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Elevated crude oil prices, month-end dollar demand, FII selling and weak trend in domestic equities also kept the rupee under pressure.
Asian currencies were mostly weaker with the Thai baht leading losses down by 0.58%. “USDINR is expected to move towards the higher end of the consolidation range 82.80-83.30 amid strong dollar. However, the optimism of bond index inclusion is likely to prevent the depreciation in the rupee.
Meanwhile, expectation of weaker set of economic numbers from US could also restrict the upside in the dollar," ICICI Direct said in a note. It expects USDINR to face the resistance near 83.30 and only a sustained move above 83.30 would rise towards 83.40. Meanwhile, crude oil prices eased, limiting downside for rupee.
Brent futures fell 0.30% to $93.01 a barrel, while US West Texas Intermediate (WTI) crude declined 0.25% to $89.46 a barrel. Also Read: Day trading guide for today: Six stocks to buy or sell on Tuesday — September 26 On the domestic front, the Indian benchmark equity indices, Sensex and Nifty 50 were trading flat in the pre-opening session. On Monday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹2,333.03 crore, while Domestic Institutional
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