<p>Mumbai: Rupee depreciated 2 paise to 83.95 against the US dollar in morning trade on Wednesday, weighed down by a muted trend in domestic equities.</p><p>Forex traders said from a macroeconomic standpoint, the rupee's downside appears well-contained, with the 84-level acting as a crucial support, likely bolstered by expected RBI intervention to prevent further depreciation.</p><p>At the interbank foreign exchange market, the local unit opened at 83.94, then lost further ground and touched 83.95, registering a loss of 2 paise from its previous close.</p><p>On Tuesday, the rupee depreciated by 6 paise to close at 83.93 against the American currency.</p><p>According to CR Forex Advisors MD Amit Pabari the Reserve Bank's interventions not only seem to limit the rupee's downside but also cap its appreciation.</p>.Apple eyes bigger slice of India's streaming market with Airtel deal.<p>"This was evident earlier in the week when, despite significant dollar weakness, the rupee remained steady, unlike other emerging market currencies that experienced notable gains," Pabari said.</p><p>The rupee is expected to trade within a narrow range in the near term, with an upside limit around 83.80 and solid support near 84.05, with a broader range of 83.60 to 84.05 in the medium term, Pabari added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.17 per cent to 100.72 points.</p><p>Brent crude, the international benchmark, gained 0.14 per cent to USD 79.66 per barrel in futures trade.</p><p>In the domestic equity market, the 30-share BSE Sensex fell 43.51 points, or 0.05 per cent, to 81,668.25 points, while the Nifty was down by 21.85 points, or 0.09 per cent, to 24,995.90 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,503.76 crore, according to exchange data.</p>
<p>Mumbai: Rupee depreciated 2 paise to 83.95 against the US dollar in morning trade on Wednesday, weighed down by a muted trend in domestic equities.</p><p>Forex traders said from a macroeconomic standpoint, the rupee's downside appears well-contained, with the 84-level acting as a crucial support, likely bolstered by expected RBI intervention to prevent further depreciation.</p><p>At the interbank foreign exchange market, the local unit opened at 83.94, then lost further ground and touched 83.95, registering a loss of 2 paise from its previous close.</p><p>On Tuesday, the rupee depreciated by 6 paise to close at 83.93 against the American currency.</p><p>According to CR Forex Advisors MD Amit Pabari the Reserve Bank's interventions not only seem to limit the rupee's downside but also cap its appreciation.</p>.Apple eyes bigger slice of India's streaming market with Airtel deal.<p>"This was evident earlier in the week when, despite significant dollar weakness, the rupee remained steady, unlike other emerging market currencies that experienced notable gains," Pabari said.</p><p>The rupee is expected to trade within a narrow range in the near term, with an upside limit around 83.80 and solid support near 84.05, with a broader range of 83.60 to 84.05 in the medium term, Pabari added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.17 per cent to 100.72 points.</p><p>Brent crude, the international benchmark, gained 0.14 per cent to USD 79.66 per barrel in futures trade.</p><p>In the domestic equity market, the 30-share BSE Sensex fell 43.51 points, or 0.05 per cent, to 81,668.25 points, while the Nifty was down by 21.85 points, or 0.09 per cent, to 24,995.90 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,503.76 crore, according to exchange data.</p>