June 17, 2021

Rupee rises 8 paise to 72.97 against U.S. dollar in early trade

Forex traders believe upside for the American currency could remain capped amid expectations that the U.S. interest rates will remain low.

The Indian rupee inched higher by 8 paise to 72.97 against the U.S. dollar in early trade on Wednesday amid a muted trend in the domestic equity market.

At the interbank foreign exchange, the domestic unit opened on a flat note at 73.02 against the dollar, then inched higher and touched 72.97, registering a rise of 8 paise over its previous close.

On Tuesday, the rupee had closed at 73.05 against the U.S. dollar.

“Markets would look to cues from the equity markets in the intra-day session, while the weakness of the greenback could cap losses of the local unit,” Reliance Securities said in a research note.

Markets would also await the Fed meeting minutes for further cues, the note added.

On the domestic equity market front, the 30-share BSE…

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