Forex traders said investors will focus on major Indian macro data releases to get further clues
The Indian rupee rose 17 paise to 81.55 against the US dollar (22.22 against the UAE dirham) in early trading on Wednesday on general dollar weakness and a positive trend in Indian equities.
In the Indian interbank foreign exchange market, the rupee opened at 81.63 against the dollar, then gained ground to touch 81.55, registering a gain of 17 paise from its previous close.
On Tuesday, the Rupee fell 4 paise to close at 81.72 against the US Dollar.
Forex traders said investors will focus on US Federal Reserve Chairman Jerome Powell’s speech and the release of key Indian macro data for further clues.
“The market is eagerly awaiting Fed Chairman Powell’s speech today. It is likely to signal a slowing pace of rate hikes,” the IFA Global Research Academy said in a note.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.15% to 106.65.
Brent futures, the global oil benchmark, rose 1.14% to $83.98 a barrel.
In the Indian stock market, the 30-share BSE Sensex traded 111.56 points, up 0.18%, at 62,793.40 points.
Similarly, the broader NSE Nifty rose 36.30 points or 0.19% to 18,654.35 points. Foreign institutional investors (FIIs) were net buyers on Tuesday as they bought shares worth 1.241 billion rupees, according to data from the exchange.
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