Indian rupee inches higher ahead of US Fed meeting

Dubai - Outcome of the meeting will be known later today

By Staff report

Published: Wed 16 Jun 2021, 10:16 AM

The Indian rupee inched higher at the opening of the trade on Wednesday, rising five paise to 73.26 against the US dollar (19.96 versus the UAE dirham) as markets await an outcome of the US Federal Reserve meeting.

At the interbank foreign exchange on Wednesday (June 16), the domestic unit opened at 73.29 against the dollar, then inched higher to quote 73.26, a rise of 5 paise over its previous close of 73.31 on Tuesday (June 15).

Reliance Securities said investors await the important Fed meeting outcome for further cues.

"Asian currencies have started weaker against the greenback this Wednesday morning and will weigh on sentiments. Additionally, investors will be wary of rising crude oil prices as well," said Reliance Securities.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03 to 90.50.

The 30-stock Bombay Stock Exchange (BSE) Sensex was trading 160.88 points or 0.30 per cent lower at 52,612.17, while the broader 50-stock NSE Nifty fell 64.65 points or 0.41 per cent to 15,804.60.


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