The rupee declined against the US dollar on Wednesday morning as the American currency strengthened against key rivals overseas.
According to Investopedia, the rupee was trading at 82.709 versus the dollar at 10.33 am in the morning. It slipped over 10 p from yesterday’s close at 82.6.
Dollar Index was at 104.14 (a surge of 0.16 per cent) at 10.46 am (local time).
Dollar Index is a measure of the value of the US dollar relative to a basket of foreign currencies such as Euro, Swiss franc, Japanese yen, Canadian dollar, British pound, and Swedish krona.
Brent crude futures, the global oil benchmark, advanced 0.39 per cent to USD 80.30 per barrel.
Now, investors’ attention will focus on the minutes of the most recent policy meeting, which will be released today. Investors have been trying to fathom the Reserve Bank of India’s stance from the recent policy meeting and hiked policy rates for controlling inflation.
On Tuesday, global investors were rattled by a surprise monetary policy shift by the Bank of Japan (BoJ). BoJ stunned markets by deciding to review its yield curve control policy and widen the trading band for the 10-year government bond yield. Investors were concerned that aggressive monetary policy moves by global central banks could push the world economy into recession.
On Tuesday morning, Indian rupee cut morning losses as Asian currencies as well as stocks recovered while the yen went up after an unexpected hawkish move from the Bank of Japan. Recovery in risk assets also supported the local unit in erasing the losses. (ANI)