You are here: Home » Finance » Money & Forex Markets » News
India's banking system liquidity slips into deficit after 40 months: RBI
Business Standard

Rupee depreciates 8 paise to 79.82 against US dollar in early trade

The rupee depreciated by 8 paise to 79.82 against the US dollar in opening trade on Wednesday as investors await the US Fed's policy decision on interest rates for further cues

Topics
Indian rupee | US Dollar

Press Trust of India  |  Mumbai 



Photo: Bloomberg
Photo: Bloomberg

The rupee depreciated by 8 paise to 79.82 against the in opening trade on Wednesday as investors await the US Fed's policy decision on interest rates for further cues.

Forex traders said the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on the local unit. Moreover, risk-off moods and firm crude oil prices weighed on the local unit.

At the interbank foreign exchange market, the rupee opened at 79.81 against the greenback, then fell to 79.82, registering a decline of 8 paise over its last close.

In initial deals, the local unit also touched 79.79 against the dollar.

On Tuesday, the rupee settled 7 paise higher at 79.74 against the dollar.

Investors are awaiting the Federal Open Market Committee (FOMC) decision on interest rates this evening, Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors said, adding 75 basis points hike is factored in by the market but a 100 basis points rise will be a huge guidance and will take the dollar index higher.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.04 per cent to 110.26.

Global oil benchmark Brent crude futures rose 0.23 per cent to USD 90.83 per barrel.

On the domestic equity market front, the 30-share BSE Sensex was trading 23.85 points or 0.04 per cent higher at 59,743.59, while the broader NSE Nifty was up by 2.05 points or 0.01 per cent to 17,818.30.

Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 1,196.19 crore, as per exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 21 2022. 10:33 IST

RECOMMENDED FOR YOU
.