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In interbank forex trading, the local currency opened at 82.88 and edged slightly to 82.89 against the US dollar, marking a 2 paise increase from the previous close.
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Positive equity market sentiment and a weak American currency, however, provided support to the domestic unit, forex traders said.
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Forex trader said, however, the Indian currency was under pressure due to subdued equity market sentiment and elevated level of crude oil prices.
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Analysts: Foreign Investors' Selling Pressure and High Oil Prices Hinder Rupee's Sharp Gain
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Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit
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Forex traders said rupee is trading in a narrow range as strong American currency and elevated crude oil prices weighed on the local unit and restricted the uptick in the domestic unit.
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Forex traders noted weakened investor sentiment due to strong American currency and high international crude oil prices.
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At the interbank foreign exchange, the domestic currency opened at 83.01, then touched 82.99 against the greenback in initial deals, registering a rise of 8 paise from its previous close.
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Apart from demand, it’s the actual traders who make the greenback powerful and most sought-after currency
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Forex traders noted that the downturn in domestic equities and foreign fund inflows dampened investor sentiment.
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At the interbank foreign exchange, the rupee opened at 82.94 against the dollar, later reaching 82.90, marking a 6 paise gain from its last close.
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"At the interbank foreign exchange, the rupee started at 83.03 against the dollar, marking a 2 paise increase from its last closing."
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Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1 per cent of GDP for FY25.
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Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.
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Forex traders noted the rupee trading within a limited range, influenced by the prevailing strength of the American currency in the global market and concerns over foreign fund outflows impacting investor sentiments
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Forex traders said positive cues from domestic equity markets and lower level of dollar provided support to the Indian currency.
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The domestic currency opened at 83.13 and slipped further to 83.15 against the dollar, registering a loss of 3 paise from its previous close.
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At the interbank foreign exchange, the domestic currency opened at 82.82 and touched 82.77 against the greenback in initial trade, registering a rise of 18 paise from its previous close.
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At the interbank foreign exchange, the domestic currency opened weak at 83.08 and traded between 82.86 and 83.10 against the greenback during intra-day deals
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The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency, forex traders said