Indian Rupee Opens Firm Against The U.S. Dollar

The Indian rupee appreciated against the U.S. dollar.

The local currency rose seven paise to open at 82.63 against the greenback on Wednesday. It had closed at 82.71 on Tuesday.

The rupee had hit a record low of 83.29 on Oct. 20.

“Globally markets are waiting for the Fed commentary tonight. A 75 basis points rate hike is given and already discounted by the markets. So it will be the Fed’s commentary and probable guidance that would be market moving,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services in note.

“The Fed is likely to continue with its hawkish stance but any mildly dovish signal will be positive for markets,” he said. “In the absence of any rate moderation signal, markets are likely to correct. So investors may wait and watch for this big event.”