Rupee praised the 85.51 Paise to 85.51 in early trading on Wednesday, backed by strong foreign institutional investors (FII) inflows and falling global crude oil prices.
According to forex traders, the rupee is expected to trade between 85.40 and 90 during the day, with mid-month demand expected for oil, defense and government-related payments.
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In the interbank forex market, the rupee opened at 85.53 and later at 85.51, marking the 6 Paz gain at the end of Tuesday. On Tuesday, the currency strengthened at 9 Paise, settling at 85.57.
“The rupee is still struggling at yesterday’s meeting and progress on a trade agreement between China and the United States. Today, it may remain within the 85.40-90 range.”
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Stock Market Summary
In the stock market, the Indian index begins with a flat tone after the global mix prompt. Nifty 50 rose 18 points (0.07%) to 25,122.85, while Sensex rose 51 points (0.06%) with 82,442.86. The bank Nifty also showed moderate gains, trading at 56,633.40. SmallCap stocks outperformed the benchmark index in early trade.
Meanwhile, the dollar index measured the performance of six major currencies after falling Tuesday night, measuring the performance of six major currencies in the U.S. dollar, up slightly by 0.05% to 99.14.
On the commodity side, Brent crude futures fell 0.18% at $66.75 a barrel. Foreign institutional investors remained net buyers, investing Rs 23,0187 crore in Indian stocks on Tuesday, according to exchange data.
(Input with PTI)
