In the interbank foreign exchange market, the domestic unit opened at 81.63 against the dollar before rising to 81.55, up 17 paise from the previous close.
Post Date – 11:30 AM, Wednesday – 11/30/22
Mumbai: The rupee strengthened by 17 paise to 81.55 against the US dollar in early trade on Wednesday amid broad dollar weakness and positive trends in domestic equities.
In the interbank foreign exchange market, the domestic unit opened at 81.63 against the dollar before rising to 81.55, up 17 paise from the previous close.
On Tuesday, the rupee lost 4 paise to close at 81.72 against the dollar.
Investors will be watching speeches from Federal Reserve Chairman Jerome Powell and the release of key domestic macroeconomic data for further clues, currency traders said.
“Markets are looking forward to Fed Chairman Powell’s speech today. He may signal a slower pace of rate hikes, but reverse expectations for a turnaround,” the IFA Global Institute said in a note.
Q2FY23 GDP, April-October fiscal deficit and October core sector data are due later in the day.
Meanwhile, the U.S. dollar index , which measures the greenback’s strength against a basket of six currencies, fell 0.15% to 106.65.
Brent crude futures, the global oil benchmark, rose 1.14% to $83.98 a barrel.
On the domestic market, the 30-share BSE Sensex rose 111.56 points or 0.18 percent to 62,793.40. Likewise, the broader NSE Nifty rose 36.30 points or 0.19% to 18,654.35.
Foreign institutional investors (FII) were net buyers on Tuesday, buying shares worth Rs 1,241.57 crore, according to exchange data.
