The rupee appreciated 18 paise to $75.14 in open trade on Wednesday on signs of easing in the conflict between Russia and Ukraine.

In interbank foreign exchange trades, the rupee opened at 75.24 against the dollar before inching higher to 75.14, up 18 paise from its last close.

On Tuesday, the rupee snapped a five-session losing streak, surging 28 paise against the dollar to settle at 75.32.

Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.06% to 96.04.

“The Indian rupee opened stronger against the dollar on Wednesday as tensions in Eastern Europe eased,” said Sriram Iyer, senior research analyst at Reliance Securities.

Crude oil and the U.S. dollar were lower and supportive on Wednesday morning, Iyer said, adding that investors would be watching retail sales data and Federal Reserve minutes for further clues.

U.S. President Joe Biden has said an invasion of Ukraine remains a possibility. Biden said the U.S. remains open to a diplomatic solution, while stressing that more than 150,000 Russian troops remain on the Ukrainian border.

On the domestic stock market, 30-share Sensex shares lost 85.87 points or 0.15% to 58,056.18, while broader NSE Nifty lost 14.10 points or 0.08% to 17,338.35.

Brent crude futures, the global oil benchmark, fell 0.26% to $93.04 a barrel.

Foreign institutional investors became net sellers in capital markets on Tuesday as they dumped shares worth Rs 2,298.76 crore, according to stock exchange data.

Complete News Source : Business Standard