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| Photo Credit: The Hindu
The Rupee edged up by two paise to 83.30 against the U.S. dollar in opening trade on November 23 amid a correction in crude oil prices and gains in local equities.
“The U.S. currency also weakened against its major global rivals which supported the Rupee sentiment despite FII outflows,” forex dealers said.
At the interbank foreign exchange market, the local unit opened at 83.30 against the U.S. dollar, showing a rise of two paise over the last close. The unit had closed at 83.32 on November 22.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.17% down at 103.74. The greenback had strengthened on Wednesday after the Fed meeting minutes suggested a hawkish tone of the Federal Open Market Committee (FOMC). Brent crude futures, the global oil benchmark, fell 1.45% to $80.77 per barrel.
On the domestic equity market front, Sensex rose by 145.86 points or 0.22% to 66,169.10 points in early trade. The Nifty50 advanced 48.70 points or 0.25% to 19,860.55.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth ₹306.56 crore, according to exchange data.