The rupee on Wednesday opened 4 paise down at 68.90 against dollar amid heavy selling in domestic equities and rising crude oil prices. 

Market experts also believe that strengthening of the American currency against Asian currencies further weighed on the domestic unit. 

The local currency on Tuesday settled 10 paise down at 68.85 against the dollar. 

“Rupee came under pressure after a sharp sell-off in domestic equities for the second successive session. FIIs continue to remain on the sell side in the equity segment and until now in this month have sold to the tune of $1.7 billion,” said Motilal Oswal Financial ServicesNSE -0.37 % in a report. 

On the domestic front, market participants are expected to remain cautious ahead of the important FOMC policy statement that will be released today. 

“Today, USDINR pair is expected to quote in the range of 68.80 and 69.40,” Motilal Oswal said. 

Published On : 31-07-2019

Source : Economic Times