Commodity

The Indian rupee is expected to bounce higher in opening trades on Wednesday tracking positive cues from global equities and weakness in dollar overseas. Asian stock markets are a sea of green on Wednesday, following the broadly positive cues from global markets overnight, as data showing a slowdown in U.S. manufacturing activity in the month of April raised hopes the US Fed will start thinking of cutting interest rates soon. On Tuesday, INR settled slightly higher by 3 paise to close at 83.33 against the US dollar. The benchmark S&P BSE Sensex ended the session up 89.83 points, or 0.12 percent, at 73,738.45, extending gains for a third straight session as fears of a wider conflict in the Middle East eased. The broader NSE Nifty index also rose 31.60 points, or 0.14 percent, to 22,368. Meanwhile, a sluggish dollar overseas and waning international crude oil prices also supported gains in the domestic unit.

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