Kamal Ghorui
Rupee opened weak on Wednesday, falling 6 paise to 90.62 against the US dollar amid ongoing geopolitical worries and steady demand for the greenback from importers.Trading at the interbank foreign exchange market began with the rupee at 90.56 per dollar. As the session progressed, the local unit weakened to 90.62, lower than its previous finish. Earlier in the morning, it had also touched a high of 90.46 against the American currency.In the previous session on Tuesday, the currency had managed to reverse its early weakness and close 10 paise stronger at 90.56.CR Forex Advisors MD Amit Pabari said in a note, “In the near term, the 90.00–90.20 zone continues to act as a strong support for the rupee. As long as this area remains intact, USD/INR could slowly move higher, with the 91.00–91.20 range emerging as the next potential upside zone in the coming sessions.”Meanwhile, the dollar index, tracking the US currency against six peers, slipped 0.14% to 96.66.Oil prices edged higher, with Brent crude futures up 0.78% at $69.34 a barrel. Given India’s dependence on imported crude, rising prices expand the import bill and typically weigh on the rupee over time, Pabari noted.Indian equities opened in positive territory. The Sensex climbed 141.21 points to 84,415.13, and the Nifty added 51.95 points to reach 25,987.10.According to exchange figures, foreign institutional investors were net buyers on Tuesday, picking up equities worth Rs 69.45 crore.
