Rupee Closes Flat Against US Dollar With Fed Policy In Focus
The Indian rupee closed at Rs 83.73 against the greenback.
The Indian rupee closed flat against the US dollar on Wednesday, ahead of policy announcements by the Federal Reserve.
The Indian currency closed at Rs 83.73 after opening at Rs 83.72 against the greenback, according to Bloomberg. It opened unchanged from Tuesday's close.
Policy analysts in the US will be closely monitoring for any indications that Chairman Jerome Powell is gearing up for a rate cut in September, according to a report by Bloomberg.
The US Dollar Index was at 104.17 and Brent crude oil prices were at $80.01.
The dollar index was initially 0.18% down at $104.36, and Brent crude oil prices were previously trading 1.36% higher at $79.70 per barrel on Wednesday, due to geopolitical tensions arising out of Israel's attack on Beirut.
Brent oil prices rose in Asian trade on Wednesday, said Anil Kumar Bhansali, head of Treasury and executive director at Finrex Treasury Advisors LLP.
It's recovering a measure of recent losses as Israeli strikes against Hamas and the Hezbollah group, in retaliation for a weekend attack, saw traders price in a bigger risk premium into crude, he said.
