Rupee rises 1 paisa higher against US dollar in early trade

The rupee opened 1 paisa higher at 83.67 against the US dollar on Thursday following the Federal Reserve’s decision to maintain interest rates, with a suggestion that a rate cut in September is possible. While the US dollar experienced slight declines in international markets, the increase in Brent crude oil prices limited the gains for the Indian currency.

On the interbank currency exchange, the Indian rupee began trading at 83.67, which was 1 paisa higher than the previous day’s closing rate.

Throughout the day, the domestic currency remained within a narrow range of 83.67-83.69. Additionally, the dollar index, which measures the strength of the US dollar against a basket of six major currencies, decreased by 0.13% to 103.96 points. Meanwhile, Brent crude, the global oil benchmark, saw a 2.26% increase to reach USD 80.41 per barrel in futures trade.

In the Indian stock market, the 30-share BSE Sensex surpassed the 82,000-mark for the first time, and the Nifty index reached a record high of 25,000. On the other hand, foreign institutional investors were net sellers in the capital markets on Wednesday, offloading shares worth Rs 3,462.36 crore, according to exchange data.