Rupee vs Dollar: Rupee's fall stopped in early trade, it is trading 5 paise stronger

Rupee vs Dollar: The Rupee, which had weakened against the US dollar today, improved, and in early trade today the rupee rose by 5 paise to reach 83.23 against the US dollar. The rupee opened at 83.23 on the Interbank Foreign Exchange and traded in the range of 83.21-83.24 against the dollar. Later the rupee was trading at 83.23, up 5 paise from its previous close.

Sep 27, 2023 - 12:50
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Rupee vs Dollar: Rupee's fall stopped in early trade, it is trading 5 paise stronger

On Wednesday, September 27, the rupee, which had been weakening against the dollar for two consecutive days, made a comeback and today in early trade the rupee rose by 5 paise to 83.23 against the US dollar.

At the Interbank Foreign Exchange, the rupee opened at 83.23 and traded in the range of 83.21 to 83.24 against the dollar. Later the rupee traded at 83.23, an increase of 5 paise from its previous close.

The rupee was weakened against the dollar for the last two trading days. The rupee had fallen by 34 paise in these two days. It closed 15 paise lower at 83.28 against the dollar on Tuesday, a day after registering a fall of 19 paise.

The fall of the rupee was attributed to the rise in US Treasuries and the strengthening of the dollar. Additionally, the US dollar hit a ten-month high after Federal Reserve policymakers hinted at a prolonged interest rate hike cycle.

The dollar index, which gauges the dollar's strength against six other currencies, rose 0.04 percent to 106.27. Global oil benchmark Brent crude futures were trading 0.98 percent higher at US$94.88 per barrel.

Today, the stock market started with a red mark on the third trading day. Today BSE Sensex was trading at 65,702.21 points, down 243.26 points or 0.37 percent. Whereas NSE Nifty was trading at 19,601.45, down 63.25 points or 0.32 percent.

According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 693.47 crore from the capital market yesterday i.e. Tuesday.

Muskan Kumawat Journalist & Writer