The Indian rupee slipped by 15 paise to settle at 82.48 against the US dollar on Friday as stronger US currency in the international markets hurt the local currency.

However, an upward trend in Indian stock markets and fresh foreign fund inflows limited the rupee’s fall traders said.

The local currency began weaker at 82.39 against the US dollar at the interbank foreign exchange market. It recorded a high-low of 82.29 and 82.49 on Friday. It finally closed 15 paise lower at 82.48 against the US dollar.

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The rupee jumped 48 paise to settle at 82.33 against the dollar on the previous session on Thursday.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.25% to 110.86.

Brent crude futures, the international oil benchmark fell 0.91% to $96.08 per barrel.

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The BSE Sensex rose 203.01 points or 0.34% to end at 59,959.85 on the domestic stock market, Similarly, the NSE Nifty gained 49.85 points or 0.28% to settle at 17,786.80.

According to exchange data, foreign Institutional Investors (FIIs) turned net buyers in the equity markets as they purchased shares worth Rs 1,5668.75 crore, while Domestic Institutional Investors sold shares worth Rs 613.37 crore on Thursday, October 28, as per data available on NSE. 

Traders will now look at Federal Reserve’s meeting next week when the regulator is likely to deliver its fourth straight rate hike of 75 basis points.

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Along with that, investors are also waiting for the additional meeting of the Reserve Bank of India’s (RBI) monetary policy committee (MPC) which is scheduled to be held on November 3, 2022, a day after the Federal Reserve will announce its decision.

The additional meeting is expected to discuss RBI’s response to not meeting the inflation target for the third quarter in a row.  Traders are also worried about the possibility of an unscheduled rate hike.