By Admin 
Rupee vs Dollar: The Indian rupee was seen trading in a limited range against the US dollar in early trade on Wednesday amid the meeting of the US Central Bank US Federal Reserve. The support from positive domestic stock markets was ineffective at the end of the month due to increasing demand for dollars.
According to Forex Traders, the Indian currency is mainly influenced by geopolitical developments. He said that apart from this, the Reserve Bank of India (RBI) is also actively intervening on both the buying and selling sides to keep the rupee in the range of 87.50 to 88.50.
slight strengthening of rupee
The rupee opened at 88.21 per dollar in the Interbank Foreign Exchange Market. After this, it reached a low of 88.34 and a high of 88.18 against the US dollar, which shows a rise of 11 paise from the previous closing price.
A day earlier, i.e. on Tuesday, the rupee had closed at 88.29 per dollar. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, rose 0.14 percent to 98.81.
stock market boom
A strong trend was seen in the domestic stock markets on Wednesday. The 30-point Sensex on BSE rose 287.94 points to 84,916.10, while the NSE Nifty-50 was trading at 26,022.85, up 86.65 points. In the international market, Brent crude fell 0.08 percent to $ 64.35 per barrel. According to stock market data, foreign institutional investors (FIIs) were seen buying shares worth a net Rs 10,339.80 crore on Tuesday.
It is noteworthy that a meeting is going to be held today on the policy rates of the American Central Bank (US Fed). Market experts believe that the Federal Reserve may cut interest rates this time. If this happens, on one hand it will become cheaper to take loans, which will boost industry and consumption, while on the other hand the pace of the American economy may accelerate further.
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