In early trade on Wednesday, the US dollar dropped from its high levels after US inflation data came in lower than anticipated, giving the rupee a 32-paise boost to 83.01 against it. The US dollar declined after US inflation slipped to its lowest level since September 2021, according to forex traders, and the rupee began trading on a positive note. In addition, optimism among investors was enhanced by a favorable trend in domestic stocks.
The rupee opened at 83.03 against the US dollar at the interbank foreign exchange, and it later reached 83.01, up 32 paise from its previous finish. The rupee fell 5 paise against the US dollar on Monday, reaching an all-time low of 83.33. Due to Diwali-Balipratipada, the forex and equities markets were closed on Tuesday.
Concurrently, the dollar index experienced a slight increase of 0.02 percent, reaching 104.07. The dollar index stood at 105.77 on Monday. The benchmark for global oil, Brent crude futures, were up 0.35 percent at USD 82.76 per barrel.
The rupee is trading at about a two-month high at 83.00 levels, up from an all-time low it reached last week amid the outcry in the system. When the pair breaks below 82.95 in the upcoming sessions, it will go towards the 82.80 and 82.50 levels.
