Rupee Vs Dollar Today: The rupee opened at 75.56 against the dollarThe rupee appreciated 11 paise to 75.48 against the US dollar in opening trade on Wednesday, December 22, tracking a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened slightly strong at 75.56 and gained further ground to reach 75.48 against the American dollar in early deals, a rise of 11 paise from the last close. In the previous session, the rupee had settled at 75.59 against the greenback.According to traders, rising crude prices in the international market and continued foreign fund outflows restricted the local unit. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 96.54.Mr Amit Pabari, MD, CR Forex: ”In absence of major economic data, events, or speeches, it will take cues from the development over domestic equity and bond market. Further, RBI could also keep on directing the volatility and calm down the depreciating bias. The pair is expected to trade in the range of 75.40-75.85 with a mixed bias.The Indian equity markets are expected to extend their yesterday’s recovery gains, following US and Asian markets. Despite the recovery, FIIs have been bearish on the Indian stocks, sold almost Rs. 4,200 crore worth of stocks over the last two sessions. Overall, the volatility in the USDINR pair is likely to remain high. The pair is expected to correct once again towards the 75.20 mark, before unfolding a leg towards multi-month highs.” On the domestic equity market front, the 30-share Sensex was trading 366.66 points or 0.65 per cent higher at 56,685.67, while the broader NSE Nifty climbed 112.50 points or 0.67 per cent to 16,883.35.According to exchange data, the foreign institutional investors remained net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 1,209.82 crore. Global oil benchmark Brent crude futures rose 0.24 per cent to $74.16 per barrel.
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