The Indian rupee opened unchanged compared to yesterday's close of 68.71 against the dollar on Wednesday at the Interbank Foreign Exchange. Later the domestic currency fell 9 paise to 68.80 against the US dollar over its previous closing amid rising crude oil prices and foreign fund outflows. Forex traders said rising brent crude prices and foreign fund inflows weighed on the domestic currency, while weakening of the greenback vis-a-vis other currencies overseas and positive opening in domestic equities added support to the local unit and restricted the downfall.
Meanwhile, brent crude futures, the global oil benchmark, rose 0.30 per cent to USD 64.54 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 444.99 crore Tuesday, as per provisional data. With benchmark indices Sensex trading 75.05 points up at 39,206.09 and Nifty up 21.55 points at 11,684.15 Domestic bourses opened on a cautious note Wednesday. YES Bank, Wipro, Tata Elexsi, Mindtree, Dhanlaxmi Bank, Birla Money, Menon Bearings, Duncan Engineering, DFM Foods and Gaurav Mercantiles are among the listed companies expected to report their June quarter results later in the day, as per data available with the exchanges.
Meanwhile, on the global front, the Trump administration has said that there is an “enormous potential” for growth in the India-US relationship and has exuded confidence that the ongoing trade issues could be worked through because of the friendship between the two nations. “As it relates to our trade relationship, the secretary (of state) has said this as well when we were in India: that we see a lot of opportunity for growth in our relationship. We see enormous potential,” State Department Spokesperson Morgan Ortagus told reporters at a news conference on Tuesday.