Indian rupee slipped by 6 paise to 77.50 against the US dollar in early trade on Wednesday. The rupee opened at 77.57 against the American dollar, and then gained some ground to reach 77.50 at the interbank exchange.
The rupee settled at 77.44 against the US dollar in the previous session whereas the dollar index was trading 0.11 per cent higher at 103.47. 30-share Sensex was trading 155.56 points or 0.29 per cent higher at 54,474.03 whereas Nifty gained 26.50 points or 0.16 per cent to 16,285.80.
The domestic currency was impacted by rising global crude oil prices but muted on positive opening in the domestic equity market. Wholesale price-based inflation or WPI reached 15.08 per cent in April after heatwave led to a spike in prices of vegetables and fruits.
Brent crude futures rose to $113.08 per barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country is gradually easing its COVID-19 containment measures. Foreign institutional investors (FIIs) turned net sellers in the capital market as they offloaded shares worth Rs 2,192.44 crore, as per news agency PTI.
The RBI also turned net seller of the dollar in March after it sold $24,416 billion on a net basis in the spot market. Central bank purchased $4,315 billion from the spot market and sold $24,416 billion, as per the central bank’s monthly bulletin for May.
(With agency inputs)
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