Rupee opens 5 paise higher at 81.99 against the US dollar
The Indian rupee opened 5 paise higher against the US dollar on Tuesday amid broader weakness in the US dollar. The local unit opened at 81.99 a dollar as compared to previous close of 82.04.
The dollar index was hovering around a one-year low on expectations that the US Federal Reserve is nearing the end of its interest rate-hiking cycle. The Fed is expected to raise rates one last time next week by 25 bps, followed by a long pause, Reuters reported.
Asian currencies were higher during the day, while equities were mostly lower despite the positive session for their US peers.
On Monday, the rupee closed 13 paise higher at 82.04 a dollar.
Crude oil prices rebounded after the previous session’s fall.
Brent crude gained 0.19% to $78.65 a barrel, while US West Texas Intermediate crude rose 0.26% to $74.34 a barrel.
Also Read: Rupee as a reserve unit has a long way to go
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading at record high levels.
On Monday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹693.28 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹219.42 crore, as per provisional data available on the exchanges.
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Updated: 18 Jul 2023, 09:17 AM IST
