The US dollar and rupee trade in a narrow range.

In early trading on Wednesday, the rupee was moving in a limited range vs the US dollar, with local equities showing little movement. Because of the ongoing withdrawals of foreign funds, forex traders reported that investor mood was negatively impacted by the rupee’s narrow trading range. The local currency’s value versus the dollar at the interbank foreign exchange opened at 83.31 and went on to reach highs of 83.30 and lows of 83.32.

After plunging to an all-time low against the US dollar on Tuesday, the rupee ended the day 10 paise higher at 83.28. Despite the US 10-year bond remaining steady at 4.41 percent, the dollar index declined following the release of the FED minutes overnight.

The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, remained steady at 103.55. The benchmark for global oil, Brent crude futures, dropped 0.13 percent to USD 82.34 a barrel.

The 30-share BSE Sensex was trading 51.91 points, or 0.08 percent, higher at 65,982.68 in the domestic equity market. The NSE Nifty as a whole increased by 24.55 points, or 0.12%, to 19,807.95. According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 455.59 crore on Tuesday, making them net sellers in the capital markets.

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