Rupee falls 4 paise to 82.29 against US dollar

the rupee It fell 4 pounds to 82.29 against the US dollar in early trading on Wednesday amid a muted trend in local stocks.

Forex traders said the rupee is trading in a narrow range as investors await cues from the US Federal Reserve’s interest rate decision later in the day.

In the interbank foreign exchange market, the local unit opened at 82.28, then fell to 82.29, recording a decrease of 4 pounds from its last close.

On Tuesday, and The rupee settled at 82.25 against the dollar.

CR Forex Advisors MD Amit Babari said factors supporting the rupee appreciation bias include strong fundamentals, continued FII inflows, and weak dollar index.

Babari further noted that the potential for gains may be limited by the depreciation of the Chinese currency, as the economic slowdown in China prompts its central bank to consider an interest rate cut.

“In general, the USDINR exchange rate is expected to remain within the range of 81.80-82.80. We advise importers to hedge against any declines near the levels of 82-81.80, while exporters should wait for any decline towards the levels of 82.50-60 before taking any action,” Babari said.

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.05 percent to 103.28.

Brent crude futures rose 0.08 percent to $74.35 a barrel.

In the domestic stock market, 30 shares BSE Sensex It was trading at 23.73 points, down by 0.04 percent, at 63,119.43 points. the widest NSE Nifty It advanced 5.90 points, or 0.03 percent, to 18,722.05.

Foreign Institutional Investors (FIIs) They were net buyers in the capital markets on Tuesday buying shares worth Rs 1,677.60 crore, according to exchange data.