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Rupee appreciates to 82.64 vs dollar

Rupee appreciates to 82.64 vs dollar

Rupee appreciates to 82.64 vs dollar
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By Asmita Pant  Nov 2, 2022 9:48 AM IST (Updated)

Rupee rose five paise from its previous close to 82.64 on Wednesday amid easing greenback. However, rise in global crude oil benchmarks capped the gains in the currency.

Rupee rose five paise from its previous close to 82.64 on Wednesday amid easing greenback. However, rise in global crude oil benchmarks capped the gains in the currency.

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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 trading 0.2 percent lower at 111.1 at the last count.
Crude oil prices rose on Wednesday after data showed a decline in US crude stock. Brent crude futures jumped 1.3 percent to $95.8 per barrel at the last count. WTI futures were last trading 1.5 percent higher at $89.6 per barrel.
"Post the Fed meeting, RBI policy will be closely watched by the markets. Rupee is expected to remain in a range of 82.20 to 83.20 levels with a 70 to 80 percent probability. Well, if either of these sides will be taken out, a 50 paisa move could be seen on the side of a breakout which could be short-lived. Hence we suggest remaining well placed in terms of hedging to insure from the upcoming volatility," said Amit Pabari, MD, CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 slipped into the red in choppy trade on Wednesday, minutes after opening higher.
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