The rupee remained unchanged and opened at 82.84 vs the US dollar on Wednesday as the greenback rose marginally against its six peers. Jump in global crude oil benchmarks put pressure on the currency.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — rose and was last trading 0.15 percent lower at 104.05.
Crude oil prices gained on Wednesday as markets were optimistic about fuel demand recovery as China continues to ease its COVID-19 restrictions. Brent crude futures jumped 0.22 percent to $84.87 per barrel at the last count. WTI futures too rose 0.11 percent to $79.62 per barrel at the last count.
"On the domestic front, we can see the USD-INR continued to trade into the consolidation phase in the range of 82.50 to 83 zone as oil marketing companies continued to buy dollars. However, the RBI could intervene in the spot market to curb any upside movement in the pair," said Amit Pabari, Managing Director at CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 opened Wednesday's session with minor cuts amid cues from global markets.
First Published: Dec 28, 2022 9:20 AM IST
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