The rupee traded in a narrow range against the dollar. On Wednesday, the rupee closed 7 paise higher against the US dollar in early trade. The domestic stock market is also trading in a narrow range.
Forex traders attributed the range-bound rupee to investor caution due to the BRICS submission and the speech of US central bank Fed Chairman Jerome Powell. Dollar index has strengthened after interest rate hike in US and rupee is under pressure.
How is the business in the market?
According to Inter Foreign Exchange, Dollar The rupee opened at 83.02 against the , after which it touched the level of 82.92. A gain of 7 paise was registered against the American currency. The rupee had gained 14 paise to close at 82.99 in Tuesday’s session.
The dollar index, which shows the position of the US currency against the world’s top six currencies, fell 0.08 percent to 103.48. Brand crude remains at $ 84.17 per barrel.
condition of Indian markets
equity market In the 30-share BSE Sensex was trading 8.36 points or 0.01 percent higher at 65,228.39. The NSE Nifty was up 8.20 points, or 0.04 per cent, at 19,404.65 in early trade. Indian markets have been trading in a narrow range for the last one week. The reason behind this is the weakness of the international markets, due to which Indian markets are facing pressure. There was also selling by FIIs in Tuesday’s market and shares worth Rs 495.17 crore were sold.