Finance Desk – The Indian rupee fell slightly by 3 paise to 87.16 against the US dollar in early trade on Wednesday. This drop came as other Asian currencies weakened and Indian stock markets also showed a negative trend.
Traders said investors are being cautious because of possible talks between Russia and Ukraine and are also waiting for US Federal Reserve Chief Jerome Powell’s speech at the Jackson Hole Symposium later this week.
At the currency market, the rupee opened at 87.16, compared to Tuesday’s close of 87.13. It touched a high of 87.10 in the early session.
On Tuesday, the rupee had briefly moved above the 87 mark after a month, helped by exporters selling dollars and foreign investors buying Indian debt. But the currency later came under pressure after the US dollar index rose, partly due to comments from the US Treasury Secretary about possible tariffs on India over Russian oil imports and ties with China.
In other markets:
Dollar index was up 0.10% at 98.36
Brent crude oil was slightly higher at $65.88 per barrel
Sensex fell 146.64 points to 81,497.75
Nifty dropped 47.5 points to 24,933.15
Foreign investors sold Indian stocks worth ₹634.26 crore on Tuesday, according to exchange data.
