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In the foreign exchange market between banks, Rupees opened at 79.83, and moved in a thin band to finally end at 79.91, which 13 Paise was lower than the previous closure of 79.78 on Tuesday.
Rupees are traded weakly with 0.10 points at 79.90 pulled behind the power of crude oil when Brent crosses above $ 104 $ maintaining pressure on the rupee. Fed’s policy will later provide further encouragement for the dollar because Hawkish’s attitude provides support for Dollars and neutral statements can reduce the dollar, “said Jateen Trivedi, VP research analyst at LKP Securities.
The dollar index, which measured the power of the dollar against a basket of 6 currencies, fell 0.19 percent to 106.98. However, the price of Brent crude oil remains higher at $ 104.23 per barrel, which also puts pressure on the Indian currency.
At the same time, the market participants said that the rupee also faced pressure from outflows by foreign institutional investors, but domestic equity, which ended with green, put pressure on the rupee.
In accordance with market sources, foreign institutional investors sell shares worth RS 436.81 Crore in the domestic equity market, whereas, domestic institutional investors buy RS 712.03 CRRore shares.
In the domestic equity market, Sensex ended 547.83 points or 0.99 percent up 55,816.32, and Nifty closed 157.95 points or 0.96 percent at 16,641.80.
Nifty broke the two -day -day -old defeat on July 27 before the results of the Fed As meeting at night. Nifty opened flat and inching all day and ended almost on a high Intra day,” Deepak Jasani, Head of Retail Research, HDFC Sekuritas, said.
Analysts estimate Rupees to depreciate further in the future on expectations of an increase in aggressive levels by federal reserve as. “The range of rupees can be seen between 79.50-80.25,” Trivedi added.
