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Rupee ends flat at 72.55 ahead of US Fed policy decision

Although the US Fed is predicted to maintain rates of interest unchanged, traders are specializing in its commentary in regards to the US economic system and its predicted path of rate of interest actions going ahead.

PTI, Mumbai

PUBLISHED ON MAR 17, 2021 06:30 PM IST

The rupee on Wednesday closed flat at 72.55 towards the US greenback in a restricted commerce forward of the ultimate final result of the US Federal Reserve assembly.

Losses within the home fairness markets and a strengthening greenback towards main currencies abroad weighed on the rupee sentiment, foreign exchange sellers mentioned. Market individuals have been cautious forward of the ultimate resolution of the Federal Reserve’s assembly on Wednesday.

Although the US Fed is predicted to maintain rates of interest unchanged, traders are specializing in its commentary in regards to the US economic system and its predicted path of rate of interest actions going ahead.

“Rupee traded little weak forward of the Fed coverage which can provide hints of strengthening of the US economic system. Ranges during which rupee can vary is between 72.40-72.90 in coming periods,” Jateen Trivedi, Senior Analysis Analyst at LKP Securities, mentioned. On the interbank foreign exchange market, the rupee opened nearly flat at 72.56 towards the dollar and witnessed an intra-day excessive of 72.51 and a low of 72.62. It lastly ended unchanged at 72.55 towards the American forex.

The greenback index, which gauges the dollar’s power towards a basket of six currencies, superior 0.03 per cent to 91.91. Brent crude futures, the worldwide oil benchmark, fell 0.82 per cent to USD 67.83 per barrel.

On the home fairness market entrance, the BSE Sensex ended 562.34 factors or 1.12 per cent decrease at 49,801.62, whereas the broader NSE Nifty fell 189.15 factors or 1.27 per cent to 14,721.30. International institutional traders have been internet patrons within the capital market as they bought shares value 2,625.82 crore on Wednesday, in accordance with change information.

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