"us-dollar"

Opens at 83.95 against the greenback, touches 83.89

At the interbank foreign exchange market, the local unit opened at 83.86 but soon pared its gains to trade at 83.92, unchanged from its previous close. On Tuesday, the rupee recovered from its all-time low and settled 17 paise higher at 83.92 against the US dollar.

This comes on the heels of significant downturn in Indian equity markets, foreign fund outflows

While the US dollar fell slightly in overseas markets, rising Brent crude oil prices limited gains for the domestic currency.

Forex traders noted that foreign fund outflows from Indian equities, triggered by the government's capital gains tax hike, pressured the local currency and limited its gains.

Sensex trades 425.14 points lower, Nifty down 120.65 points

Forex traders say the hike in capital gains tax and removal of indexation benefits in the FY25 Budget led to increased dollar buying, as foreign investors sold off stocks. 💵📉 #Budget2024 #Forex #MarketUpdate

Forex traders said that foreign fund inflows and possible intervention by the Reserve Bank of India (RBI) supported the rupee at lower levels, restricting its decline.

Forex traders said a rebound in crude oil prices weighed on the rupee, and weak Asian and European currencies may further dampen investor sentiment.

At the interbank foreign exchange market, the rupee opened at 83.53 and dropped to 83.55 against the dollar in early trading, falling 4 paise from its previous close.

At the interbank foreign exchange market, the local unit opened at 83.49, marking a 2-paise increase from its previous close.

At the interbank foreign exchange market, the rupee opened steady at 83.49 against the US dollar, trading within a narrow range of 83.49 to 83.50 in early trade.

CR Forex Advisors MD Amit Pabari stated that the Reserve Bank of India (RBI) appears committed to preventing the rupee from falling below 83.70, despite pressure from oil companies amidst high oil prices.

At the interbank foreign exchange market, the local unit opened at 83.48 and strengthened to 83.45 against the dollar, marking a 5-paise increase from its last close.

Forex traders noted that a positive trend in domestic equities, with benchmark indices reaching all-time highs, along with substantial foreign fund inflows, bolstered the rupee and limited its decline.

Forex traders noted the rupee trading in a tight range, influenced by US dollar purchases from oil companies and Foreign Portfolio Investors (FPIs), which dampened investor sentiment.

Forex traders noted that the domestic unit found support from a weaker US dollar and positive sentiment in the equity markets.

According to forex traders, the strength of the US currency in the global market and foreign fund outflows restrained the local unit from rising

Forex traders said the strong US dollar and high crude oil prices weighed on the local unit, limiting its gains.

Forex traders noted that despite the continuous influx of foreign capital, the local unit initially resisted the decline but eventually succumbed to pressure, influenced by a subdued domestic equity market trend.