Rupee opens marginally lower at 81.89 against the US dollar

livemint.com:

rupee had ended 5 paise lower at 81.87 a dollar. “Rupee depreciated for the first time in the last three days ahead of the key FOMC meeting. Meanwhile strong dollar inflows have restricted its fall.

For the day, USDINR is expected to move towards the 82.00 ahead of the much anticipated 25 bps hike by the Federal reserve," ICICI Direct said. For now, investors will be watching out for commentary on the future path of the interest rate cycle. “USDINR is likely to consolidate in between 81.60 and 82.00.

Only a move below 81.60 would weaken the pair towards 81.40. On the flipside a move above 82.00 would rise towards 82.20," ICICI Direct added. Crude oil prices traded lower after data showed an expected rise in US crude stockpiles.

Brent crude futures declined 0.39% to $83.31 per barrel, while US West Texas Intermediate crude futures fell 0.45% to $79.27. Meanwhile, the Indian benchmark equity indices, Sensex and Nifty were trading higher. On Tuesday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹1,088.76 crore, while Domestic Institutional Investors (DIIs) net sold shares to the tune of ₹333.70 crore, as per provisional data available on the exchanges.