Rupee rises 12 paise to 81.75 against US dollar

the rupee It rose 12 pesos to 81.75 against the US dollar in early trade on Wednesday, tracking the greenback’s weakness in overseas markets.

Forex dealers said large foreign money inflows and crude oil prices below $80 a barrel also supported local unity.

In the interbank foreign exchange market, the local unit opened at 81.80 against the dollar and then rose to 81.75, registering an increase of 12 pounds from its previous close.

On Tuesday, the rupee closed at 81.87 against the greenback.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.24 percent to 101.71.

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Brent Crude FuturesThe global oil index rose 0.04 percent to $75.35 a barrel.

In the domestic stock market, 30 shares BSE Sensex fell 293.34 points, or 0.48 percent to 61,061.37. The broader NSE Nifty index fell 86.95 points, or 0.48 percent, to 18,060.70 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Tuesday buying shares worth Rs 1,997.35 crore, according to exchange data.

Forex traders said that investors are waiting for signals from the US Federal Reserve’s interest rate decision.

Globally, US stocks fell as traders feared the downward spiral in the resurgence of the regional banking sector, ahead of the Federal Reserve’s interest rate decision.

“Monetary policy kicked in on Tuesday, and is likely to announce a widely anticipated 25 basis point rate hike on Wednesday. It will be interesting to see whether or not the Fed is interested in extending its rate hikes beyond May. CR Forex Advisors Amit Babari said.