In the early trade on Wednesday morning, the American Dollar opened on the back of a weaker one while the Indian currency became strong by 3 paise taking its value to 83.23 against the US Dollar. Reportedly, the inflow of foreign funds in the domestic market helped Rupee to rise by 3 paise. Furthermore, the early Wednesday trade report stated that the Indian currency opened 4 paise higher at 83.22 comparatively to its previous close which was 83.26. Talking about the Dollar index which fell by 0.07 percent taking it to 106.18, it gauges the strength of the greenback against a basket of six currencies. You are asked to stick with this page and go through this article till the end to unfold more details about Wednesday morning trade. Scroll down the page.
Prior to increasing by 3 paise on Wednesday morning, Rupee was at 83.26 against the US Dollar on Tuesday when the market closed. The Forex traders said increasing prices of crude oil and negative trends in the equity market helped the local unit to increase against the US Dollar. However, it is expected that the domestic currency would remain in a limited range as traders are likely to get signals from retail sales and industrial production data from the United States. It is imperative to learn how crude oil would trend.
As per the reports, the reports of the UK and European region inflation, industrial production, China’s GDP, and the US crude weekly inventory, have not arrived yet. That means when the data on the aforementioned aspects will come out the domestic currency may fall again. The global oil benchmark Brend crude futures mentioned $91.81 per barrel. Due to the sudden increase of 2.21 percent, it closed at $91.81 per barrel. Shift to the next section and read more details.
Amid the rise in the domestic currency, the domestic equity market also recovered from early losses. Reportedly, the 30-share BSE Sensex was 15.48 points which was 0.02 percent lower taking it to 66,412.61. Talking about the Nifty 50, it declined by 0.03 percent or 5.20 points taking it to 19,816.70. To note, the FIIs (Foreign Institutional Investors) were net buyers on Tuesday, October 17, 2023, in the capital market as they invested shares for Rs263.68 crore which was almost equal to the amount the Foreign Institutional Investors offloaded in the domestic market on Tuesday. Analysts expect the Indian Rupee to stay in a narrow range. Stay tuned to this website for more details.