Rupee makes a cautious start at 64.99 against dollar

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The rupee on Wednesday started off at 64.99 against the dollar, little changed from its previous close.

The local currency had settled 3 paise up at 64.99 against the US currency on Tuesday.

ICICI Securities said, “The rupee ended with mild gains in the previous trading session as a positive close in domestic equities and strength in major currencies underpinned sentiment on the rupee against the dollar. However, sharp gains would be capped against the backdrop of rising crude oil prices.”

Foreign portfolio investors offloaded shares of Rs 685 crore in the previous trading session, according to NSE provisional data.

Domestic markets opened on a cautious note on Wednesday, tracking global cues. The BSE Sensex was trading down 0.02 per cent at 33,873 at around 9.20 am. The NSE Nifty traded with negative bias, down 5 points, or 0.05 per cent, at 10,396.

Crude oil hardened 0.61 per cent to Rs 4,141 per barrel in the futures market as speculators widened their bets, taking positive leads from global markets.

The benchmark 10-year yield opened at 7.42 per cent as against 7.38 per cent previously.

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