The Indian rupee fell in opening trades on Wednesday tracing gains in greenback overseas. Expectations of a Federal rate hike after data released yesterday showed US job openings rose to a two-year high in May, indicating labor demand remained resilient despite signs of softer hiring, is keeping dollar supported. Investors now look ahead to the latest US monthly jobs report for fresh insights into the strength of the labor market and the outlook for Federal Reserve policy. The US Dollar (USD) rebounds after a three-day losing streak, with the US Dollar Index (DXY) trading 0.11% higher to near 101.09. INR opened at Rs 94.67 per dollar and hit a low of 94.75 so far during the day. Yesterday, rupee depreciated by 14 paise to close at 94.65 against the US dollar. The Indian benchmark indices opened in the green on Wednesday with BSE Sensex trading at 76,667.88 (up 189.21 points) and NSE Nifty 50 at 23,920.70 (up 54.95 points). Meanwhile, easing oil prices are also likely to limit downside in the counter.
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