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Monday, November 28, 2022

Rupee falls 12 paise to 82.71 against the US dollar in morning trading

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  • The rupee depreciated 12 paise to 82.71 against the US dollar amid a subdued trend in domestic equities.
  • Against the dollar, the domestic unit opened at 82.64 and then lost further ground to trade at 82.71.
  • The dollar index, which measures the dollar’s strength against a basket of six currencies, also fell 0.23 percent to 111.22.

The rupee depreciated 12 paise to 82.71 against the US dollar in morning trading on Wednesday amid a muted trend in domestic equities.

Forex traders said the rupee opened flat ahead of the US Federal Reserve’s highly anticipated monetary policy decision later in the day.

On interbank currencies, the domestic unit opened at 82.64 against the dollar, then lost further ground to reach 82.71, registering a loss of 12 paise from the previous close.

In the first trade, the local unit also touched 82.62 against the US currency. On Tuesday, the rupee settled at 82.59 against the dollar.

According to Sriram IyerSenior Research Analyst at Reliance Securities, the rupee began a flat note on Wednesday as Asian and emerging markets began to mix ahead of the US Fed’s monetary policy decision.

As the Fed is widely expected to deliver its fourth consecutive 75 basis point rate hike, the Fed chairman’s key hints will be Jerome Powell on the path forward, Iyer noted.

Crude oil prices, however, have started gains and may weaken the preference for local currency appreciation.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.23% to 111.22. Futures on Brent oil, the global oil benchmark, rose 1.27 percent to $95.85 a barrel.

In the domestic stock market, the 30-stock BSE Sensex was down 8.33 points or 0.01 percent at 61,113.01 and the broader NSE Nifty fell 0.04 percent to 18,141.15.

Foreign institutional investors (FIIs) were net buyers in the capital markets when they bought shares worth Rs 2,609.94 crore on Tuesday, according to exchange data.

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