Mumbai: The Indian rupee opened on a flat note and appreciated marginally against the US dollar in the morning session on Wednesday. As per market experts, Indian rupee is trading with a slight negative bias amid selling pressure from foreign investors and muted trend in domestic equities.
At the interbank foreign exchange, the Indian rupee opened at 83.15 against the dollar, then rose to 83.14, registering a rise of 1 paisa over its previous close. On Tuesday, the Indian rupee had settled at 83.15 against the US dollar.
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‘Rupee was weakened on Tuesday as FPIs withdrew Rs 3,115 crores from share markets after a 1.5 per cent fall in indices. Wednesday’s opening may pave the way to a move beyond 83.20 although in-flows are still there to counter any major demand from FPIs,’ said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally lower by 0.14 per cent at 103.46. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday as they offloaded shares worth Rs 3,115.39 crore.
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