Currency Market News: Rupee rises 10 paise to 83.53 vs dollar

The rupee appreciated 10 paise to 83.53 against the US dollar successful aboriginal commercialized connected Wednesday, connected the wide dollar weakness successful the overseas market.

Forex traders said the US dollar has weakened against majors station the anemic user assurance print. The US user assurance dropped by the astir successful 3 years to 98.7 from 105.6 successful August.

At the interbank overseas speech market, the section portion opened astatine 83.59 against the American currency, past touched 83.54, registering a emergence of 10 paise implicit its erstwhile close.

On Tuesday, the rupee depreciated 9 paise to adjacent astatine 83.63 against the American currency.

"The Indian rupee which depreciated connected Tuesday opened stronger connected the wide dollar weakness against Asian currencies and European currencies," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

The dollar index, which gauges the greenback's spot against a handbasket of six currencies, was down 0.21 per cent to 100.25 points.

Brent crude, the planetary benchmark, was trading little by 0.28 per cent to USD 74.96 per tube successful futures trade.

Forex traders said the rupee continues to clasp dependable wrong a well-defined scope connected progressive involution by the Reserve Bank of India (RBI).

On the home equity market, the 30-share BSE Sensex appreciated 33.63 points, oregon 0.04 per cent, to 84,947.67, portion the Nifty was up 6.35 points, oregon 0.02 per cent, to 25,946.75 points.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Tuesday, arsenic they offloaded shares worthy Rs 2,784.14 crore, according to speech data.

On the home macroeconomic front, the Asian Development Bank (ADB) connected Wednesday retained India's maturation forecast for the existent fiscal astatine 7 per cent and said that the system is expected to accelerate successful the coming quarters connected improved workplace output, and higher authorities spending.

In its Asian Development Outlook (ADO) update of September, the ADB said exports successful the existent fiscal volition beryllium higher than earlier projected, led by larger services exports. However, merchandise export maturation volition beryllium comparatively muted done the adjacent fiscal.