The Indian rupee opened on a flat note against the dollar on Wednesday ahead of the outcome of the US Fed meeting.
The Indian rupee opened on a flat note against the dollar on Wednesday ahead of the outcome of the US Fed meeting.
The rupee opened on a flat note in early trade on Wednesday and opened higher by 5 paise at 77.99 against the US dollar.
Forex traders said a weak domestic market, rise in crude oil prices and persistent foreign capital outflow weighed on the local unit.
At the interbank forex, the rupee opened at 77.99 against the dollar, registering a rise of 5 paise over the previous close.
On Tuesday, the rupee had closed at its lifetime low of 78.04 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.28 per cent to 105.21.
Sriram Iyer, Senior Research Analyst at Reliance Securities said that the Indian rupee opened on a flat note against the dollar on Wednesday ahead of the outcome of the US Fed meeting.
Mr Iyer said Asian and emerging market peers have made a mixed start while equity futures have opened with small gains and may limit the downside for the USD/INR spot pair.
Global oil benchmark Brent crude futures rose 0.19 per cent to $121.40 per barrel.
On the domestic equity market front, the BSE Sensex was trading 47.1 points or 0.09 per cent lower at 52,646.47, while the broader NSE Nifty was trading 13.95 points or 0.09 per cent lower at 15,718.15.
Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth Rs 4,502.25 crore, according to exchange data.