Currency Market News: Rupee rises by 6 paise to 83.94 against US dollar

The rupee roseate 6 paise to 83.94 against the US dollar successful aboriginal commercialized connected Tuesday supported by a weaker greenback and little crude lipid price.

However, volatility successful the home equity markets and FII outflows capped crisp gains successful the section unit, forex traders said.

At the interbank overseas exchange, the rupee opened astatine 83.97 against the US dollar and roseate to 83.92 earlier slipping marginally to 83.94, higher by 6 paise from its erstwhile close.

The home portion had settled astatine 84.00 connected Monday.

The reconstituted rate-setting sheet of the Reserve Bank of India (RBI) connected Monday started deliberations connected the adjacent bi-monthly monetary policy.

The determination of the sheet volition beryllium announced connected Wednesday, which could find the question successful the rupee implicit the adjacent fewer days.

In the existent context, experts consciousness that the RBI whitethorn not travel the US Federal Reserve, which lowered the benchmark rates by 50 ground points, and the cardinal banks of immoderate developed nations, which person reduced the involvement rates.

On the home equity marketplace front, the Sensex was trading level astatine 81,044 points. The Nifty, too, remained unchangeable astatine 24,787.40. Both indices suffered losses successful the erstwhile six trading sessions.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was down 0.13 per cent to 102.39.

Brent crude, the planetary benchmark, declined 1.62 per cent to USD 79.62 successful futures trade.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Monday, offloading shares worthy Rs 8,293.41 crore connected a nett ground successful the currency segment, according to speech data.