Rupee opens flat at 82.81 against the US dollar ahead of RBI policy
Read RBI Policy Live Updates here The US dollar index - which measures the currency against six counterparts, including the euro and yen - was little changed at 102.50 in ahead of US inflation data later Thursday. Market participants will also watch for the US inflation data later today. “Rupee is likely to appreciate today amid a soft dollar.
Dollar is showing weakness ahead of inflation data from the US that could influence the path for Federal Reserve policy. Meanwhile, investors will remain cautious ahead of the RBI monetary policy decision, where the central bank is widely expected to keep interest rates unchanged. More focus will be on statements from RBI to get the clues on future rate trajectory," ICICI Direct said in a note.
It expects USDINR to face hurdle near 82.95 and slip back till 82.65 level. Crude oil prices fell amid concerns about the Chinese economy. Brent crude fell 0.2% to $87.35 a barrel, while West Texas Intermediate crude (WTI) fell 0.3% to $84.17.
On the domestic front, the Indian equity benchmark indices, Sensex and Nifty opened lower. On Wednesday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹644.11 crore, while Domestic Institutional Investors (DIIs) net sold shares to the tune of ₹597.88 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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