Rupee ends flat at 83.33 amid recovery in US dollar, oil prices
- The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.12% at 102.87.
{{^adFree}}
Business News/ Markets / Stock Markets/ Rupee ends flat at 83.33 amid recovery in US dollar, oil prices
The Indian rupee gave up early gains to end flat against the US dollar on Wednesday amid a rebound in American currency and gains in crude oil prices. The local currency ended at 83.325 a dollar as compared to its previous close of 83.33.
{{^adFree}}
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.12% at 102.87.
On Tuesday, the rupee settled at 83.33 against the US dollar.
{{^adFree}}
While strong positive sentiment in the domestic equity markets supported the local unit, a recovery dollar and rise in crude oil prices capped the upside.
“Domestic markets surged ~1%. However, a slight recovery in the US dollar index and crude oil prices capped sharp gains. US dollar declined for the fourth successive session on Tuesday on dovish comments from US Federal Reserve officials. Economic data from the US, however, remained mixed," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
Choudhary said the rupee is expected to trade with a slight negative bias on dollar demand from importers towards end of the month.
{{^adFree}}
(Exciting news! Mint is now on WhatsApp Channels
“Traders may take cues from GDP data from the US. Investors may also take cues from India's GDP and fiscal deficit data towards the end of the month. USD-INR spot price is expected to trade in a range of ₹83 to ₹83.60," he added.
Brent crude futures, the global benchmark, rallied 1.13% to $82.60 a barrel, while US West Texas Intermediate crude futures rose 1.18% to $77.31 a barrel.
{{^adFree}}
On the domestic front, the equity market ended sharply higher with the benchmark Nifty 50 index closing above 20,000-mark.
The Sensex ended 727.71 points, or 1.10%, higher at 66,901.91, while the Nifty 50 rallied 206.90 points, or 1.04%, to close at 20,096.60.
Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth ₹783.82 crore, according to exchange data.
{{^adFree}}
(With inputs from PTI)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.