Rupee falls 3 paise to 83.48 against U.S. dollar in early trade
The Hindu
In the domestic equity market, the 30-share BSE Sensex was trading 135.59 points or 0.18% higher at 74,806.87. The broader NSE Nifty advanced 47.65 points or 0.21% to 22,691.05.
The rupee depreciated 3 paise to 83.48 against the U.S. dollar in early trade on April 30 amid a strong American currency against major Asian rivals and an upward movement in the crude oil prices.
However, positive sentiment in the domestic equity markets and some inflow of foreign capital in the Indian equities capped the fall in the Indian currency, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level.
On Monday, the rupee had settled 7 paise lower at 83.45 against the U.S. dollar.
Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, said the rupee weakened amidst rising concerns that the U.S. Federal Reserve could delay interest rate cuts as the country's inflation stayed above the Central bank's 2% target.
"U.S. economy remains resilient and with a hawkish stance from the Fed, the dollar remains well supported at lower levels," he said, adding that the USD-INR (Spot) is expected "to trade sideways with positive bias in a range of 83.20-83.50".
The Federal Open Market Committee (FOMC) meeting begins on Tuesday and the interest rate decision is expected to be announced on Wednesday.
Anitha Krishnan, a resident of Northwood Villas, one of the upscale gated communities in Yelahanka, woke up in the wee hours of Sunday to see the water level in her posh villa rise as it was raining heavily outside. Residents of 22 villas in this community were unable to move out for more than 12 hours, the time the civic body took to drain out the flooded water from this community.
As many as 275 students of Vikram Simhapuri University will receive their degrees from Andhra Pradesh Governor S. Abdul Nazeer during the 8th and 9th convocation of the university on its Kakutur campus on May 22 (Wednesday). Twenty students will be given away gold medals. Nineteen students will be awarded PhD degrees while 236 will get their post-graduation certificates.