Global oil benchmark Brent crude futures rose 1.83 percent to $104.34 a barrel
Global oil benchmark Brent crude futures rose 1.83 percent to $104.34 a barrel
The rupee was up 17 paises against the US dollar to 77.17 at the open on Wednesday, as the US currency retreated from high levels.
On the interbank foreign exchange exchange, the rupee opened at 77.24 against the US dollar, then gained further ground to trade at 77.17, up 17 paise from the last close. The rupee also hit a low of 77.31 against the dollar in early trades.
“For the day, the market is awaiting the US CPI report which could provide an indication of where prices may top out. Domestic CPI figures are also released and expectations range from 7.5 to 8 percent. The RBI was present Tuesday selling dollars to ensure an orderly devaluation of the rupee,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
On Tuesday, the rupee settled at 77.34 against the US currency.
The dollar index, which measures the greenback’s strength against a basket of six currencies, traded 0.06 percent lower to 103.85.
Forex traders said subdued domestic stocks, firm crude oil prices and continued outflows of foreign funds could weigh on the rupee and limit its gain.
On the domestic stockmarket front, the 30-stock Sensex traded 27.61 points, or 0.05 percent, higher to 54,392.46, while the broader NSE Nifty was up 8.30 points, or 0.05 percent, to 16,248.35.
Global oil benchmark Brent crude futures rose 1.83 percent to $104.34 a barrel.
Foreign institutional investors were net sellers in the capital market on Tuesday, selling ₹3,960.59 crore of shares, according to stock market data.
