Mumbai: The rupee on Wednesday rose 7 paise to 83.24 against the US dollar amid softening of crude oil prices in the international market.
Forex traders said the local unit faced some resistance due to weak sentiment in the domestic equity market and foreign fund outflows.
At the interbank foreign exchange market, the local unit opened at 83.29 and was trading at 83.24 against the greenback, registering a gain of 7 paise from its previous close.
On Tuesday, the rupee strengthened by 6 paise and closed at 83.31 against the US dollar.
"The rupee seems to have started adjusting to its fundamentals. In the short term, one can expect the rupee to reach 83.00 to 83.10 levels, while the medium term target is 82.80," C Forex said. It is expected to remain between the level of 82.50. said Amit Pabari, MD of the consultants.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.02 per cent lower at 104.63.
Global oil benchmark Brent crude futures fell 0.65 percent to US$82.34 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 37.12 points or 0.05 per cent lower at 73,916.19. The broader NSE Nifty was down 30.4 points or 0.13 per cent at 22,498.65.
Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 1,874.54 crore, according to T exchange data.
On the macroeconomic front, India is likely to grow at 7.5 per cent in the first quarter of the current fiscal, driven by rising aggregate demand and non-food spending in rural areas, according to an article in the RBI's May Bulletin released on Tuesday. Is inspired. economy.
Forex traders said the local unit faced some resistance due to weak sentiment in the domestic equity market and foreign fund outflows.
At the interbank foreign exchange market, the local unit opened at 83.29 and was trading at 83.24 against the greenback, registering a gain of 7 paise from its previous close.
On Tuesday, the rupee strengthened by 6 paise and closed at 83.31 against the US dollar.
"The rupee seems to have started adjusting to its fundamentals. In the short term, one can expect the rupee to reach 83.00 to 83.10 levels, while the medium term target is 82.80," C Forex said. It is expected to remain between the level of 82.50. said Amit Pabari, MD of the consultants.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.02 per cent lower at 104.63.
Global oil benchmark Brent crude futures fell 0.65 percent to US$82.34 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 37.12 points or 0.05 per cent lower at 73,916.19. The broader NSE Nifty was down 30.4 points or 0.13 per cent at 22,498.65.
Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 1,874.54 crore, according to T exchange data.
On the macroeconomic front, India is likely to grow at 7.5 per cent in the first quarter of the current fiscal, driven by rising aggregate demand and non-food spending in rural areas, according to an article in the RBI's May Bulletin released on Tuesday. Is inspired. economy.
