Rupee rises 4 paise to 82.33 against US dollar in early trade

Rupee rises 4 paise to 82.33 against US dollar in early trade

This could be credited to expectations of a slower interest rate hike by the US Federal Reserve on the back of lower inflation also boosted the overall sentiment.

FPJ Web DeskUpdated: Wednesday, March 15, 2023, 10:58 AM IST
article-image
Rupee rises 4 paise to 82.33 against US dollar in early trade | Image: Wikipedia (Representative)

The rupee rose by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies.

The domestic unit at the interbank foreign exchange opened stronger at 82.32 against the US dollar and then went up to 82.30, before it slipped to 82.33 against the greenback, registering a rise of 4 paise against its previous close. This could be credited to expectations of a slower interest rate hike by the US Federal Reserve on the back of lower inflation also boosted the overall sentiment.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 103.49.

Anand James, Chief Market Strategist at Geojit Financial Services, said there could be slippage to 82 levels. "It would require consistent trades above 82.36 to rekindle positivity again."

Previous close

On Tuesday, the rupee had closed at 82.37 against the US dollar.

Brent crude features

Global oil benchmark Brent crude futures rose 1.21 per cent to USD 78.39 per barrel.

Share market

Sensex was trading at 58,303.40 up 403.21 points while the Nifty was up 130.40 points at 17,173.70 points.

FII

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,086.96 crore, according to exchange data.

Wholesale price-based inflation

On the domestic front, the wholesale price-based inflation declined to 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive.

With inputs from PTI

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Starbucks CEO Laxman Narasimhan will also serve coffee to customers alongside employees

Starbucks CEO Laxman Narasimhan will also serve coffee to customers alongside employees

Watch: WHO denies Musk's claims on pandemic accords, warns of fake news

Watch: WHO denies Musk's claims on pandemic accords, warns of fake news

Akasa Air to hire 1,000 people this year as it plans to go international

Akasa Air to hire 1,000 people this year as it plans to go international

Who is Amrita Ahuja? The Indian-American official in Hindenburg's latest report on Jack Dorsey's...

Who is Amrita Ahuja? The Indian-American official in Hindenburg's latest report on Jack Dorsey's...

India's forex reserves rise to 6-week high amidst global banking crisis

India's forex reserves rise to 6-week high amidst global banking crisis