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The Indian rupee moved slightly higher on Wednesday, gaining two paise to close at ₹88.75 against the US dollar amid limited trading activity. The modest rise was supported by positive domestic equities and expected inflows from upcoming IPOs.At the interbank foreign exchange market, the rupee opened at 88.76 and strengthened marginally to 88.75, showing range-bound movement. On Tuesday, it had slipped three paise to close at 88.77.According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, “The rupee is facing mixed cues today — with the dollar index gaining and Asian currencies weakening, while Indian equities remain slightly positive. The Reserve Bank of India might continue to defend the 88.80 level.”
He added that the rupee is likely to trade between 88.50 and 89.00 for the day, with IPO-related inflows expected to pick up closer to subscription deadlines.Meanwhile, the dollar index climbed 0.28% to 98.85, reflecting a stronger greenback. Brent crude futures rose 0.75% to USD 65.94 per barrel.Foreign Institutional Investors (FIIs) remained net buyers, purchasing ₹1,440.66 crore worth of equities on Tuesday, which lent some stability to the rupee.In domestic markets, the Sensex gained 254 points to 82,180.77, while the Nifty advanced 70 points to 25,178.55 in early trade.Separately, Commerce and Industry Minister Piyush Goyal said India and the US are in active discussions regarding a bilateral trade deal, expressing optimism about meeting the November deadline, although progress may depend on the US government’s current shutdown situation.
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