Rupee opens 5 paise higher at 83.20 against the US dollar

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 105.77.

On Tuesday, the rupee settled at 83.25 against the US dollar.

Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said the rupee traded within a narrow range even after more updates came in on the escalating conflict in Israel.

According to him, traders are expected to remain watchful of the US Federal Open Market Committee (FOMC) minutes that may indicate more interest rate hikes, adding strength to the dollar.

“We expect the USD-INR (spot) to trade sideways and quote in the range of 83.05 and 83.40,” Somaiya added.

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Brent crude futures, the global oil benchmark, rose 0.38% to $87.98 per barrel.

In the domestic equity market, the 30-share BSE Sensex jumped 455.36 points or 0.69% to 66,534.72 points, while the broader NSE Nifty advanced 137.80 points or 0.7% to 19,827.65 points.

On Tuesday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹1,005.49 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹1,963.34 crore, as per provisional data available on the exchanges.

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(With inputs from PTI)

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Updated: 11 Oct 2023, 10:57 AM IST