<p>The rupee depreciated 9 paise to 73.55 against the US dollar in opening trade on Wednesday as muted domestic equities and strong American currency weighed on investor sentiment.</p>.<p>The local unit opened at 73.53 at the interbank forex market, then lost ground and touched 73.55 against the US dollar, down 9 paise over its last close of 73.46.</p>.<p>Asian currencies are trading weak against USD. The rupee is likely to trade in an intra-day range of 73.35-73.65, said Abhishek Goenka, Founder and CEO, IFA Global.</p>.<p>The rupee continues to follow a trading pattern wherein nationalised banks aggressively buy the dips to 73.10-73.15 and buy all the way up to 73.45-73.50, Goenka said.</p>.<p>"Considering the fact that foreign direct investment (FDI) related inflows are lined up and the reaction function of nationalised banks, we expect the rupee to continue trading in the 72.90-73.90 range," he said.</p>.<p>Meanwhile, on the global front, US President Donald Trump on Tuesday instructed his officials to stop negotiating with the House Democrats on coronavirus stimulus.</p>.<p>"The overall risk sentiment was holding up until Trump said he was holding back the talks on fiscal stimulus until after the election. The yield on the US 10-year bond touched the highest level since June this year but retreated post president Trump's comment," Goenka said.</p>.<p>On the domestic front, the newly-constituted Monetary Policy Committee (MPC) of the Reserve Bank is scheduled to begin its three-day deliberations starting during the day. The decision of the rate-setting panel will be announced on October 9.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 93.82.</p>.<p>On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 264.26 points higher at 39,838.83 and the broader NSE Nifty rose 69 points to 11,731.40.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,101.76 crore on a net basis on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, fell 1.48 per cent to USD 42.02 per barrel. </p>
<p>The rupee depreciated 9 paise to 73.55 against the US dollar in opening trade on Wednesday as muted domestic equities and strong American currency weighed on investor sentiment.</p>.<p>The local unit opened at 73.53 at the interbank forex market, then lost ground and touched 73.55 against the US dollar, down 9 paise over its last close of 73.46.</p>.<p>Asian currencies are trading weak against USD. The rupee is likely to trade in an intra-day range of 73.35-73.65, said Abhishek Goenka, Founder and CEO, IFA Global.</p>.<p>The rupee continues to follow a trading pattern wherein nationalised banks aggressively buy the dips to 73.10-73.15 and buy all the way up to 73.45-73.50, Goenka said.</p>.<p>"Considering the fact that foreign direct investment (FDI) related inflows are lined up and the reaction function of nationalised banks, we expect the rupee to continue trading in the 72.90-73.90 range," he said.</p>.<p>Meanwhile, on the global front, US President Donald Trump on Tuesday instructed his officials to stop negotiating with the House Democrats on coronavirus stimulus.</p>.<p>"The overall risk sentiment was holding up until Trump said he was holding back the talks on fiscal stimulus until after the election. The yield on the US 10-year bond touched the highest level since June this year but retreated post president Trump's comment," Goenka said.</p>.<p>On the domestic front, the newly-constituted Monetary Policy Committee (MPC) of the Reserve Bank is scheduled to begin its three-day deliberations starting during the day. The decision of the rate-setting panel will be announced on October 9.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 93.82.</p>.<p>On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 264.26 points higher at 39,838.83 and the broader NSE Nifty rose 69 points to 11,731.40.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,101.76 crore on a net basis on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, fell 1.48 per cent to USD 42.02 per barrel. </p>