In early trade on Tuesday, the Indian rupee showed limited movement against the US dollar, with the currency trading in a narrow range. This stability was observed amidst a negative trend in domestic equities, and forex traders noted that rising crude oil prices were impacting investor sentiments.
At the opening of the interbank foreign exchange, the rupee started at 83.14 against the dollar, reaching a high of 83.13 and a low of 83.15. In the previous trading session, the rupee had depreciated by 5 paise to close at 83.16 against the US dollar.
Forex experts highlighted that the overall market remained confined to a familiar range, with anticipation building around the Federal Open Market Committee's (FOMC) decision on interest rates, expected to be delivered in its ongoing meeting. Additionally, attention was directed towards the release of German and Eurozone GDP data.
The dollar index, measuring the strength of the US dollar against a basket of six major currencies, showed a marginal decrease of 0.15%, trading at 103.45. Meanwhile, Brent crude futures, the global oil benchmark, rose by 0.21% to USD 82.59 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 134.51 points or 0.19% lower at 71,807.06, and the broader NSE Nifty declined by 9.85 points or 0.05% to 21,727.75.
Foreign Institutional Investors (FIIs) were reported as net buyers in the capital markets on Monday, having purchased shares worth Rs 110.01 crore, according to exchange data.
(With Agency Inputs)
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