- At the forex market, the domestic currency opened lower at 68.98 a dollar but soon pared some losses. It finally settled at 68.88 per dollar, down 2 paise over its previous close.
- According to V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities, the dollar is higher against most of its peers in Europe as a steady drumbeat of gloomy news about the economic outlook keeps a firm cap on risk appetite. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 96.77.
- Earlier on Tuesday, Reserve Bank of India (RBI) in its maiden rupee-dollar swap auction received bids for $16.31 billion against the notified amount of $5 billion.
- "RBI received an overwhelming response to its dollar swap window, establishing the instrument as a credible liquidity tool and paving the way for more such auctions in the coming months," said Mr Sharma.
- According to Mr Sharma, global yields have declined in recent weeks, dragged down by the US Federal Reserve's recent dovish pivot.
- "This fall in yields reflects moderating growth expectations in the developed markets, and likely dovish-for-longer central bank policies," he said.
- Analysts now expect the rupee to trade in a range of 68.85-69.25 against the dollar in the near term.
- Foreign institutional investors (FIIs), meanwhile, remained net buyers in the capital markets, putting in Rs 1,481.11 crore on Wednesday, provisional data from the NSE showed.
- Brent crude futures, the global oil benchmark, slipped 0.12 per cent to $67.89 per barrel on Wednesday.
- The 30-share BSE Sensex settled 100.53 points, or 0.26 per cent lower at 38,132.88, while the broader NSE Nifty slipped 38.20 points, or 0.33 per cent, to 11,445.05.
(With agency inputs)
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