The Indian rupee had a gain of 2 paise against the US dollar at the start of the day, reaching 83.24. This positive movement was influenced by the trends in equity markets. However, there are still concerns regarding the conflict happening in the Middle East.
When the interbank foreign exchange market opened, the rupee stood at 83.23 against the dollar, showing an improvement of 3 paise compared to its closing rate of 83.26. The dollar index, which measures how well the greenback is performing against a group of currencies, experienced a decline of 0.02% and was trading at 106.07.
In the session, the rupee had weakened by 1 paise. Settled at 83.26 against the US dollar. Despite these gains, the experts also expect that the USD-INR (Spot) exchange rate will remain relatively stable and trade within a range of 83.05 to 83.40.
The ongoing conflict in the Middle East involving Hamas’s attack on Israel has raised concerns about a regional conflict. As a result, Brent crude futures (the benchmark for oil) decreased by 0.35% and reached $87.84 per barrel.
In the stock market the BSE Sensex, which consists of 30 shares, experienced a rise of 309.97 points or 0.47%, reaching a total of 65,822.36 points. At the time, the NSE Nifty 50 index, which represents a range of stocks, saw an increase of 94 points or 0.48%, settling at a total of 19,606.35 points.
Based on data, from exchanges, foreign institutional investors (FIIs) became sellers in the capital market on Monday by selling shares worth ₹997.76 crore.