New Delhi: The Indian rupee remained steady in a tight range and closed 1 paisa higher at 83.72 (provisional) against the US dollar on Wednesday, with gains from local stocks offset by importers' demand for dollars at month-end.
Forex traders mentioned that the local currency was under pressure due to sizable foreign fund outflows and a sudden increase in crude oil prices. In the interbank foreign exchange market, the local currency started trading 1 paisa above the closing price from the day before.
It dropped to 83.75 in the course of the day and ended the day at 83.72 (provisional), one paisa higher against the US dollar. The rupee ended Tuesday unchanged at 83.73 against the US dollar.
Investors should keep an eye on the results of the Federal Open Market Committee (FOMC) meeting on Wednesday and the Bank of England's monetary policy on Thursday. He stated that the spot price of USDINR is anticipated to fluctuate between Rs 83.50 to Rs 84.
The BSE Sensex increased by 285.94 points to reach a new high of 81,741.34 in the Indian stock market, with the Nifty also climbing 93.85 points to a record 24,951.15. At the same time, the dollar index, which measures the strength of the US dollar against six other currencies, fell by 0.36 pc to 104.17.
On Wednesday, the value of the US dollar decreased as the Bank of Japan increased interest rates by 15 bps to 0.25 per cent from 0.1 per cent, causing a significant rise in the yen. Choudhary mentioned that additional Asian currencies also gained value due to the decline in the US dollar. Brent crude, which is the worldwide oil standard, increased by 2.26 percent to reach USD 80.41 per barrel in futures trading.
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