Indian rupee inches up ahead of US Federal Reserve meeting

Staff Report/Dubai
Filed on July 28, 2021

(PTI file)

Rupee trades at 20.28 versus UAE dirham.

The Indian rupee inched four paise higher to 74.43 against the US dollar (20.28 versus the UAE dirham) in early trade on Wednesday, ahead of the US Federal Reserve’s decision later in the day.

Forex traders said the rupee is trading in a narrow range ahead of the monthly expiry and the US Fed’s policy decision.

The rupee opened at 74.44 against the dollar in the interbank market, then inched higher to 74.43, registering a gain of 4 paise over its previous close.

Meanwhile, the dollar index was trading 0.04 per cent up at 92.46.

"Investors could refrain themselves from taking large positions ahead of monthly expiry and Fed decision tonight," Reliance Securities said in a research note.

The note further said that regional currencies were flat to marginally stronger against the dollar early Wednesday morning and could cap depreciation bias.

On the equity market front, BSE Sensex was trading 318.40 points or 0.61 per cent lower at 52,260.36, while the broader NSE Nifty declined 96.40 points or 0.61 per cent to 15,650.05.

(with inputs from PTI)

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