The Indian rupee opened weaker against the dollar at 81.89, showing a slight decline of 2 paise. The rupee had previously closed at 81.87 in Tuesday’s trading. As of 11:25 am, the rupee was trading at 81.98 against the dollar. The day’s high was at 82.02, and the low at 81.87.
Rupee Weakens Against Dollar: Opens at 81.89, Day’s High at 82.02
Other Asian currencies also experienced pressure against the dollar. China Renminbi declined by 0.3%, South Korea by 0.27%, Indonesia Rupiah by 0.23%, and Japanese yen by 0.11%. However, Thai Baht showed a gain of 0.15%, Taiwan dollar by 0.07%, and Malaysia Rigint by 0.03%.
Amidst this currency landscape, the US Federal Reserve is gearing up to make a significant interest rate decision on July 26. This decision holds the potential to impact the market direction. The Federal Open Market Committee (FOMC) meeting began on July 25, with expectations of a quarter percent (25 bps) increase in interest rates.
China Renminbi, South Korean Won, and Others Decline
The dollar index stood at 101.24, with the day’s high at 101.44 and the low at 101.23. It opened at 101.09, and the previous day’s close was at 101.35.
In terms of investments, foreign institutional investors purchased shares worth Rs 1,088.76 crore in the cash market on Tuesday, while domestic institutional investors sold shares worth Rs 333.70 crore.
