Dollar vs Rupee Price: Rupee rises for the second consecutive day against the dollar, gains of 7 paise

The rupee traded in a narrow range against the dollar. On Wednesday, the rupee closed 7 paise higher against the US dollar in early trade. The domestic stock market is also trading in a narrow range.

Forex traders attributed the range-bound rupee to investor caution due to the BRICS submission and the speech of US central bank Fed Chairman Jerome Powell. The dollar index has strengthened after the interest rate hike in the US and the rupee is under pressure.

According to the Inter Foreign Exchange, the rupee opened at 83.02 against the dollar, after which it touched a level of 82.92. A gain of 7 paise was registered against the American currency. The rupee had gained 14 paise to close at 82.99 in Tuesday's session.

The dollar index, which shows the position of the US currency against the world's top six currencies, fell 0.08 percent to 103.48. Brand crude remains at $ 84.17 per barrel.

In the equity market, the 30-share BSE Sensex was trading 8.36 points or 0.01 percent higher at 65,228.39. The NSE Nifty was up 8.20 points, or 0.04 percent, at 19,404.65 in early trade. Indian markets have been trading in a narrow range for the last one week. The reason behind this is the weakness of the international markets, due to which Indian markets are facing pressure. There was also selling by FIIs in Tuesday's market and shares worth Rs 495.17 crore were sold.