Global oil benchmark Brent crude futures rose 1.83 per cent to $104.34 per barrel
Global oil benchmark Brent crude futures rose 1.83 per cent to $104.34 per barrel
The rupee rose 17 paise to 77.17 against the US dollar in early trade on Wednesday as the US currency retreated from its higher levels.
At the interbank forex, the rupee opened at 77.24 against the US dollar, then gained more ground to bid at 77.17, registering a rise of 17 paise from the previous close. The rupee also touched a low of 77.31 against the dollar in opening deals.
“For the day, the market is waiting for the US CPI report which may indicate where the prices may be headed. Domestic CPI numbers will also be released and the expectations are in the range of 7.5 to 8 per cent. RBI was selling dollars on Tuesday To ensure a systematic depreciation in the rupee,” said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors.
On Tuesday, the rupee had closed at 77.34 against the US currency.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent lower at 103.85.
Forex traders said a softening in the domestic equity market, firming crude oil prices and continued foreign fund outflow could put pressure on the rupee and limit its gains.
On the domestic equity market front, the 30-share Sensex was trading 27.61 points or 0.05 per cent higher at 54,392.46, while the broader NSE Nifty was trading 8.30 points or 0.05 per cent higher at 16,248.35.
Global oil benchmark Brent crude futures rose 1.83 per cent to $104.34 per barrel.
Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth Rs 3,960.59 crore, according to stock exchange data.