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United Arab Emirates – The Indian rupee opened in a narrow range against the dollar on Thursday, with Indian stocks trading weaker amid weak macroeconomic data.
In Indian interbank foreign exchange, the rupee was range-bound in early trade.
It opened at 82.30 to the dollar (22.42 to the Emirati dirham) before rising to 82.29, up 4 paise from its last close.
It traded within a tight range of 82.25 to 82.34 in early trade.
On Wednesday, the rupee fell 12 paise to 82.33 against the dollar.
Sriram Iyer, senior research analyst at Reliance Securities, said the rupee started to edge up ahead of the release of U.S. CPI data, which could help investors assess how much the Federal Reserve may raise interest rates this year.
Iyer added that lower crude oil prices could boost sentiment, but most Asian and emerging market peers were off on Thursday morning as FOMC minutes showed the Fed will continue its aggressive monetary policy stance and will limit the rupee’s gains. weak.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.02% at 113.29.
Brent crude futures, the global oil benchmark, rose 0.01% to $92.46 a barrel.
In Indian shares, the 30-share BSE Sensex lost 109.06 points or 0.19% to 57,516.85 and the broader NSE Nifty lost 25.85 points or 0.15% to 17,097.75.
Foreign institutional investors (FII) sold shares worth Rs 5.42 crore on Wednesday, becoming net sellers in capital markets, exchange data showed.
On the macroeconomic front, higher food prices pushed retail inflation to a five-month high of 7.4%, while India’s industrial production slipped to an 18-month low, contracting 0.8% in August, mainly due to lower output in manufacturing and mining Industry.
Inflation based on the consumer price index (CPI) rose for a second straight month, adding to pressure on the Reserve Bank of India (RBI) to raise interest rates again to curb high prices.
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