The rupee edged lower to 79.83 against the US dollar on Wednesday amid a jump in oil prices. An easing dollar overseas, however, kept the downside in the rupee in check. Caution persisted in equities globally as the Fed began a two-day policy meeting on Tuesday.

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The rupee settled flat at 79.78 against the US dollar in the previous session.

"The rupee will carry momentum based on commentary of the Fed Chairman. The rupee range can be seen at 79.70-79.95," said Jateen Trivedi, VP-Research Analyst at LKP Securities.

Global oil prices surged on Wednesday, fuelled by weaker demand concerns. Brent futures climbed up almost three percent to $102.4 a barrel. West Texas Intermediate (WTI) futures followed suit, up almost a percent at $95.9 a barrel.

The dollar index — which gauges strength in the greenback against six peers — fell 0.2 percent to 106.9.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 saw choppy moves after a flat start on Wednesday.

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First Published:Jul 27, 2022 9:51 AM IST