Rupee rises 2 paise to 83.71 against US dollar in early trade

Rupee vs Dollar

The Indian rupee gained 2 paise against the US dollar, reaching 83.71 in early trading on Wednesday due to a slight decrease in the dollar’s value in international markets.

At the interbank currency exchange, the rupee opened at 83.72, which is 1 paisa higher than the previous day’s closing rate.

During early trading, the rupee fluctuated within the range of 83.70-83.72.

Forex traders mentioned that the rupee’s gains were offset by the increase in Brent crude oil prices, despite the decline in the value of the dollar. In international markets, the dollar index, measuring the strength of the US dollar against six other currencies, fell by 0.19 percent to 104.36.

Additionally, Brent crude futures rose by 1.49 percent to reach USD 79.80 per barrel. Today, all eyes are on the US Fed rate announcement, with expectations that the Federal Reserve might indicate a rate cut as early as September.

In the Indian stock market, the 30-share BSE Sensex displayed volatility, climbing over 200 points in early trading to reach a record high before leveling off at 81,517.75, up 62.35 points, at 9:35 am.

According to exchange data, foreign institutional investors were net sellers in the capital markets on Tuesday, selling shares worth Rs 5,598.64 crore.