Rupee opens marginally lower at 83.05 against the US dollar
rupee ended at 83.03 a dollar. The dollar jumped overnight after US retail sales increased 0.6% in August versus an estimated 0.2% rise. “USDINR is expected to rise towards the higher end of the consolidation range 82.80-83.20 amid firm dollar.
However, the gains could be restricted amid hopes of Fed pause in its next policy. Now, the investors will eye on today’s key US economic number, which could provide more clues to the future rate path," ICICI Direct said in a note. The brokerage expects USDINR to remain in the band of 82.80-83.20.
The euro held around $1.0641, near a six-month low of $1.0632 against the dollar after the European Central Bank (ECB) hiked rates another 25 basis points to a record high of 4% at its monetary policy meeting on Thursday. The offshore yuan inched up against the dollar to 7.2918. The Australian dollar, a proxy for China growth, rose nearly 0.3% to $0.6443, while the New Zealand dollar was up 0.2% at $0.5912, Reuters reported.
Sterling also hovered around a three-month low to the dollar at $1.2408. The Japanese yen stuck near 147.41 per dollar. Crude oil prices rallied and are set for a third weekly gain.
Brent crude futures rose 0.71% to $94.37, while the US West Texas Intermediate crude (WTI) jumped 0.83% at $90.91. On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading at record high level in the early session. On Wednesday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹294.69 crore, while Domestic Institutional Investors (DIIs) net sold shares to the tune of ₹50.80 crore, as per provisional data available on the exchanges.
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