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Currency Market News: The rupee weakened nearly 43 paise to 86 against the US dollar as of 12.15 pm on Wednesday, pressured by continued foreign fund outflows, Zee Business reported.

As of 12:26 pm, the domestic unit was trading below the 86 mark at 85.96 against the greenback. According to Forex traders, the decline was cushioned by firm domestic equities, softening global crude oil prices, and a weaker US dollar. The local unit had opened at 85.69 and slipped further to 85.86 in early trade.

Also Read:Currency Market News: Rupee slips 21 paise to 85.60 vs US dollar

On Tuesday, the rupee had settled 22 paise lower at 85.61 against the greenback. Meanwhile, the dollar index was down 0.05 per cent at 99.18, while Brent crude fell 0.32 per cent to $65.42 per barrel in futures trade during the early trade.

"Restrictive flows have kept the rupee ranged between 85-86 in the past two weeks, with the RBI selling dollars at 85.70-75 levels. The RBI MPC begins its 3-day deliberations today with the announcement of rates on Friday morning and is expected to cut repo rate by 25 bps to 5.75 per cent," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

Also Read:First Trade: Indices open mildly higher; Nifty near 24,560; AB Fashion down 7% 

Indian Stock Markets open higher; Dhampur buyback closes today

Tracking positive global cues, Indian stock markets opened higher on June 4. The Nifty gained 23.3 points or 0.09 per cent to 24,565.8, while the Sensex rose 92 points or 0.11 per cent to 80,829.9. Bank Nifty added 40 points or 0.07 per cent to 55,640.

Among stock-specific updates:

Dhampur Sugar Mills: The company’s share buyback at Rs 185 per share ends today.

Coforge: Shares of the midcap IT firm will trade ex-split today (1:5 stock split).

TCS: The stock goes ex-dividend today for a Rs 30 per share dividend.

Tata Motors: The automaker also trades ex-dividend for its Rs 6 per share final payout.

On Tuesday, FIIs offloaded equities worth Rs 2,853.83 crore on a net basis, according to exchange data.

(With inputs from PTI)

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