The rupee opened at 74.44 per dollar in the money market. After coming down to a high of 74.31 and a low of 74.49 during trading, it finally closed at Rs 74.38 per dollar with a gain of nine paise.
Mumbai| Rupee On Wednesday, the US currency gained 9 paise to close at 74.38. This is being seen as a fall of the income two days before the US Fed policy decision. According to forex traders, the rupee is fluctuating before the end of July and the policy decision of the US Fed.
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In the foreign exchange market, the rupee opened at 74.44 against the dollar and during the day ended at an intra-day high of 74.31 and a low of 74.49. The rupee closed at 74.38, which is 9 paise higher than the previous close.
On Tuesday, the rupee had closed at 74.47 against the US dollar.
“The Indian rupee has gained momentum after two days of minor weakness at the end of the month,” said Dilip Parmar, Research Analyst, HDFC Securities. Rupee is consolidating in the range of 74.30 to 74.50 so far this week, Rupee looking for a fresh trigger to get a clear direction.
“Investors will focus on today’s Federal Open Market Committee (FOMC) meeting. We do not see any meaningful move on the dollar cross today as the results will be out at midnight and investors will be eyeing the dollar index in the meantime. , which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 92.49.
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On the domestic equity market front, the BSE Sensex ended 135.05 points or 0.26 per cent lower at 52,443.71, while the NSE Nifty ended 37.05 points or 0.24 per cent lower at 15,709.40. Global oil benchmark Brent crude rose 0.77 per cent to $75.05 a barrel in futures trade.