Rupee Steady Against US Dollar Amid Equity Decline and Easing Crude Prices

The Indian rupee traded flat at 83.49 against the US dollar amid losses in domestic equities and easing crude oil prices. The rupee moved in a restricted range and closed steady ahead of US Federal Reserve Chair Jerome Powell's testimony in Congress. Key indices and institutional investments also fluctuated.

The Indian rupee remained unchanged at 83.49 against the US dollar during early Wednesday trading as domestic equities witnessed losses and crude oil prices eased.

At the interbank foreign exchange market, the rupee opened and remained stable in a narrow range of 83.49 to 83.50 against the US dollar. This stability follows a slight gain of 1 paisa to 83.49 against the dollar on Tuesday, in anticipation of US Federal Reserve Chair Jerome Powell's congressional testimony.

Powell's remarks offered minimal insight into the Federal Reserve's timeline for potential interest rate cuts. Meanwhile, the dollar index, which measures the greenback's performance against six major currencies, dipped 0.03% to 105.09. Brent crude oil futures also saw a decrease of 0.26%, settling at USD 84.44 per barrel. The BSE Sensex dropped 143.15 points to close at 80,208.49, while the NSE Nifty fell 27.20 points to 24,406. Foreign Institutional Investors (FIIs) made net purchases in the capital markets, buying shares worth Rs 314.46 crore on Tuesday, according to exchange data.

(With inputs from agencies.)