Dollar vs Rupee: Rupee opened with a fall of 7 paise against the dollar, here's the reason
Dollar vs Rupee: Pressure is being seen on the rupee against the dollar today. On Wednesday, the interest rates can be announced by the US Fed, due to which investors remain alert. The domestic currency depreciated by 7 paise against the American currency in the trading session. The fall in the rupee was limited due to a strong domestic market.
The rupee declined by 7 paise to 81.95 against the dollar on Wednesday (July 26, 2023). In today's trading session, the American currency is seeing a boom. The reason behind this is the possibility of an interest rate hike by the US Fed in its meeting to be held today. Also, due to the rise in crude oil, there is pressure on the rupee. The price of crude oil remains close to $83 per barrel.
Forex traders say that there may be an announcement today on the interest rates of the Federal Reserve. For this reason, investors are still cautious. The downside is limited due to a strong domestic market.
According to the Interbank Foreign Exchange, the rupee opened at 81.89 and touched a high of 81.87, a low of 81.96, and touched a low of 81.95. In this way, the rupee depreciated by 7 paise. The rupee closed at 81.88 against the dollar on Tuesday.
The dollar index showing the strength of the US currency fell 0.01 percent to 101.34. The dollar index shows the dollar's position against the world's six major currencies.
Till the time of writing the news, the 30-share BSE Sensex was trading 317.49 points or 0.48 percent higher at 66,673.20. The NSE Nifty was up 79.20 points, or 0.40 percent, at 19,759.80. According to exchange data, FIIs bought shares worth Rs 1,088.76 crore on Tuesday.
