Rupee depreciated against the US dollar on Wednesday amid strength in greenback against six global peers. The fall in crude oil benchmarks, however, yielded support to the currency.
Rupee, on Wednesday, depreciated by 29 paise from its previous close to 81.39 vs US dollar as the value of greenback gained strength against a basket of six peers. Global crude oil benchmarks, however, eased on Wednesday.
Recommended ArticlesView All
Income tax portal enables co-browsing feature — How does it help you in ITR filing?
IST4 Min(s) Read
Cap on TV channels as part of bouquet raised to Rs 19. How revised TRAI rule will impact broadcasters
IST3 Min(s) Read
Why are private banks going old school and opening more branches?
IST3 Min(s) Read
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading marginally higher at 106.3.
Crude oil prices fell on Wednesday. Brent crude futures were down 0.6 percent at $93.2 per barrel at the last count. WTI futures were also trading 0.8 percent lower at $86.2 per barrel.
"RBI has been a buyer of USD which shall hold the domestic dollar demand in place and will likely keep the near-term bottom of 80.80 levels protected. Any bounce back towards 81.50-82.00 levels can be taken as a selling opportunity as the overall trend in the DXY seems to have changed post a crucial 109.50 level’s breakdown," said Amit Pabari, Managing Director at CR Forex Advisory.
"Foreign inflows resumed yet again bringing about $3 billion to the country," Pabari highlighted.
"Rupee has strengthened to 80.80 in offshore trading post US PPI but weakened this morning on risk off in Asia session. Rupee is likely to trade a 81-81.35 range with sideways price action," said Abhishek Goenka, Founder and CEO of IFA Global.
Indian equity benchmarks BSE Sensex and NSE Nifty50 started the session lower on Wednesday before scaling to record high later in the trade.