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Business News/ Markets / Stock Markets/  Rupee jumps 20 paise to close at 83.07 against the US dollar
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Rupee jumps 20 paise to close at 83.07 against the US dollar

The US dollar index was lower by 0.11% in Asia at 105 while 10-year US Treasury yield fell 2 basis points to 4.34%, off its 16-year high hit on Tuesday.

Rupee ended at 83.07 a dollar as compared to Monday's close of 83.27. (Image: AFP)Premium
Rupee ended at 83.07 a dollar as compared to Monday's close of 83.27. (Image: AFP)

The Indian rupee ended 20 paise higher against the US dollar on Wednesday amid likely intervention by the Reserve Bank of India (RBI) and easing crude oil prices. The local currency ended at 83.07 a dollar as compared to Monday's close of 83.27.

The US dollar index was lower by 0.11% in Asia at 105 while 10-year US Treasury yield fell 2 basis points to 4.34%, off its 16-year high hit on Tuesday, Reuters reported.

On Monday, the rupee depreciated 8 paise to end at a record closing low of 83.27 a dollar. The local currency hit its lifetime low of 83.29 in October 2022.

Investors await the interest rate decision by the US Federal Reserve later in the day.

The US Fed is widely expected to keep rates on hold at 5.25% to 5.50%, while focus will remain on Fed Chair Jerome Powell's commentary on the inflation trajectory and growth

Catch US Fed Meeting Live Updates here

“If the Fed delivers a dovish pause, the rupee may strengthen to 82.80-82.90 levels," said Anindya Banerjee, head of foreign exchange research at Kotak Securities.

Otherwise, the rupee may continue to trade in a rangebound manner with the extent of depreciation dependent on what the RBI permits, Banerjee added.

Crude oil prices declined from near 10-month highs hit the previous day, supporting the rupee.

Brent futures fell 0.77% to $93.61 a barrel, while US West Texas Intermediate (WTI) crude dropped 1.07% to $90.22 a barrel.

On the domestic front, the Indian stock market indices ended with heavy losses on Wednesday, extending their decline into the second consecutive session amid mixed global cues ahead of the US Fed policy outcome.

The Sensex closed with a loss of 796 points, or 1.18%, at 66,800.84, while the Nifty ended at 19,901.40, down 231.90 points, or 1.15%.

On Monday, the Foreign institutional investors (FIIs) net sold Indian shares worth 1,236.51 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of 552.55 crore, as per provisional data available on the exchanges.

(With inputs from Reuters)

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.

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Published: 20 Sep 2023, 09:05 AM IST
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