The Indian rupee on Wednesday declined 2 paise to settle at provisionally at 79.81 against the US dollar after consolidating in a constrained range. The local currency's opening rate on the interbank foreign exchange market was 79.84 per dollar. Throughout the session, it lingered in a range of 79.68 to 79.87.
The domestic unit eventually closed at 79.85, a 2 pence decline from its previous level of 79.83. The rise in crude oil prices and the mixed to depressed domestic equities markets limited the movement of the rupee. Prior to Fed Chair Jerome Powell's speech at the Jackson Hole Symposium later this week, market players "may also exercise caution," analysts said.
The dollar index, which gauges the value of the dollar against a basket of six different currencies, was up 0.03% at 108.65 at the time.
On the Indian share market front, The BSE Sensex closed 54.13 points, or 0.09%, higher at 59,085.43 on the domestic equities market, while the larger NSE Nifty gained 27.45 points, or 0.16%, to 17,604.95.
According to exchange data, FIIs became net buyers on Tuesday in the capital market by purchasing shares worth Rs563 crore.
Gold Markets: Despite a negative worldwide trend, Gold prices in India remained low. On the Multi Commodity Exchange, gold futures were down 0.2% to Rs51,322 per 10 gram, the sixth decline in seven sessions, while silver dropped below the key level of Rs.55,000 per kg. In global markets, the yellow metal edged lower to USD 1,746 per ounce amid a firm US dollar.
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