Rupee appreciates by 19 paisa to settle at Rs 83.08 ahead of Fed outcome

The Indian rupee strengthened by 19 paisa on Wednesday to close at Rs 83.08 per US dollar, up from Rs 83.27 on Monday. Dealers attributed the gain to the Reserve Bank of India's intervention in the foreign exchange market through dollar sales.

Market participants are closely watching the outcome of the US Federal Reserve meeting, scheduled for after market hours on Wednesday, for further cues. "The RBI sold dollars, and long positions were cut as the Fed meeting is ongoing today. Although rates are not expected to increase, the language used will be of keen interest," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.

Also Read: Rupee hits all-time closing low of 83.27 to dollar amid rise in oil prices

The rupee had hit a fresh closing low of Rs 83.27 per US dollar on Monday, influenced by rising US Treasury yields and crude oil prices.