Rupee recovers, trades higher at 83.28 against the US dollar
US Federal Reserve meeting minutes. The dollar index, which measures the greenback against a basket of currencies, was flat at 103.58, near levels last seen in early September but off an overnight session low of 103.17. US Treasury yields slipped overnight to hover around 4.40%.
On Tuesday, the rupee ended 2 paise lower at record closing low of 83.36 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!) Forex traders said the rupee was trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments. “Participants in Fed meeting minutes noted there was limited progress in bringing down core inflation.
All agreed to move carefully on rates and said more tightening may be needed," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. The rupee is expected to remain in the current range with the US dollar bids dominating the inflows, Bhansali added. Brent crude futures, the global oil benchmark, fell 0.10% to $82.37 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 68.39 points, or 0.10%, higher at 65,999.16, while the NSE Nifty 50 gained 22.05 points, or 0.11%, to 19,805.45. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth ₹455.59 crore, according to exchange data. Catch Live Market Updates here Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.Milestone Alert!
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