The Indian rupee stabilized at 82.88 against the US dollar amid cautious market sentiment and foreign fund withdrawals. Analysts noted the rupee’s resilience against the weakening dollar was offset by elevated crude oil prices. Opening at 82.87, the local currency later held at 82.88, mirroring the previous day’s close. Monday saw the rupee gaining 3 paise to settle at 82.88 against the greenback.

Forex experts observed a delicate balance as a feeble US currency’s support clashed with soaring crude oil values. Investors remained guarded, awaiting cues from both domestic and global macroeconomic indicators. The interbank foreign exchange marked fluctuations, reflecting the dynamic market conditions.

The dollar index, measuring the greenback’s potency against six currencies, dipped 0.06% to 103.68. Meanwhile, Brent crude futures, the global oil benchmark, experienced a marginal 0.08% decline, settling at $82.46 per barrel.

On the domestic front, the 30-share BSE Sensex traded 91.9 points lower at 72,698.23 points, reflecting a 0.13% decrease. Simultaneously, the broader NSE Nifty declined by 26.00 points or 0.12%, reaching 22,096.05 points.

Foreign Institutional Investors (FIIs) exhibited a net selling stance in capital markets on Monday, offloading shares worth Rs 285.15 crore, according to exchange data. This divestment contributed to the cautious market sentiment and added pressure on the rupee.

As market dynamics continue to evolve, investors remain attuned to economic indicators and global trends that could influence the rupee’s performance against the US dollar. The interplay of factors such as crude oil prices, equity market movements, and foreign fund activities will likely shape the currency’s trajectory in the coming days.

Check here for the latest updates in Hindi!