The dollar index rose 0.18 percent to 105.80 today. (File)
Mumbai:
In early trade on Wednesday, the rupee depreciated by 37 paise to 82.29 against the US dollar, led by a stronger US currency in overseas markets and a negative trend in domestic stocks.
At the interbank exchange rate, the domestic unit weakened from 82.25 to the dollar before easing to 82.29, down 37 paise at its last close.
On Monday, the rupee was trading at 81.92 against the US dollar.
The dollar index, which tracks the U.S. dollar’s strength against a basket of six currencies, rose 0.18 percent to 105.80 on Wednesday.
US Federal Reserve Chairman Jerome Powell’s statement on the interest rate trajectory boosted the dollar.
On Tuesday, Powell said the latest economic data came in stronger than expected, suggesting the final level of interest rates could be higher than previously expected. “We would be prepared to increase the pace of rate hikes if a body of data suggests that faster tightening is warranted,” he added.
Stock and money markets were closed on Tuesday due to the Holi festival.
Brent oil futures, which is the world standard of oil, increased by 0.28 percent and amounted to 83.52 dollars per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading down 348.62 points, or 0.58 per cent, at 59,875.84. The broader NSE Nifty was down 93.60 points, or 0.53 percent, at 17,617.85.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth Rs 721.37 crore, according to stock exchange data.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)
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