Early Trade: Rupee Falls 7 Paise To 84.47 Against US Dollar

On Thursday, the rupee slid 7 paise, closing at 84.47 against the US dollar, primarily influenced by a steady influx of foreign funds and robust demand for the dollar from investors.

Forex traders said that the latest Federal Open Market Committee (FOMC) meeting indicated a significant change in the Federal Reserve’s stance. It seems the Fed is poised to lower short-term interest rates, which would lessen the attractiveness of dollar assets and contribute to the dollar index's decline.

In the interbank foreign exchange market, the rupee opened at 84.45 and fluctuated within a narrow range before settling at 84.47, reflecting a decrease of 7 paise from its previous close.

Meanwhile, the dollar index, which measures the dollar's strength against six major currencies, was trading at a record high of 106.22.

In the domestic equity market, the 30-share BSE Sensex crept up by 0.09% to reach 80,302.29, while Nifty gained 0.14%, rising to 24,309.10 points in early trading.

Additionally, data from exchanges revealed that on Wednesday, Foreign Institutional Investors (FIIs) invested a net sum of Rs 7.78 crore in the capital markets.