Currency: The Indian rupee was trading flat against the US dollar in early trade on Monday, despite a downward trend in domestic equities and continued dollar demand from importers. The local currency opened three paise higher at 83.24 per dollar, up from the previous close of 83.27.
The dollar index, which measures the strength of the US currency against a basket of six currencies, was 0.36% lower at 103.54.
Despite the US dollar index falling to a two-month low, foreign fund outflows and rising crude oil prices weighed on investor sentiment. – Currency
The rupee closed at 83.27 per dollar on Friday.
The rupee opened virtually unchanged as dollar demand remains unabated and the RBI maintains its supply tap, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The global oil benchmark, Brent crude futures, increased by 0.86% to $81.30 per barrel.
Within the country, the stock market saw a decline in trading. A fall of 207.21 points, or 0.31%, was made by the BSE Sensex to 65,587.52 points, while the NSE Nifty 50 saw a decrease of 43.10 points, or 0.22%, to 19,688.70 points.
The Reserve Bank of India reported on Friday that during the week ending November 10, the country’s foreign exchange reserves dropped by $462 million to $590.321 billion.
In the capital markets on Friday, Foreign Institutional Investors (FIIs) sold shares valued at ₹477.76 crore, making them net sellers, according to exchange data.
