The Indian rupee gained 2 paise against the US dollar, reaching 82.99 early Tuesday, buoyed by falling crude oil prices internationally. Despite this, a robust American currency, foreign fund outflows, and weak equity market sentiment exerted pressure on the local currency, according to forex traders. Beginning at 83.02, the rupee edged up to 82.99 against the dollar in initial trades, marking a 2 paise increase from its previous close. On Friday, the rupee had ended 4 paise higher at 83.01 against the US dollar. The currency derivatives market remained closed on Monday due to Chatrapati Shivaji Maharaj Jayanti.
Simultaneously, the dollar index, measuring the dollar’s performance against six major currencies, rose by 0.13 percent to 104.28. Brent crude futures, a key global oil benchmark, dipped by 0.13 percent to USD 83.45 per barrel.
In the Indian stock market, the 30-share BSE Sensex slipped by 164.66 points or 0.23 percent to 72,543.50 points. The broader NSE Nifty also saw a decline, dropping by 44.45 points or 0.20 percent to 22,077.70 points.
Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Monday, offloading shares worth Rs 754.59 crore, as per exchange data.
Overall, the rupee’s slight uptick against the dollar amid fluctuating global and domestic factors highlighted the ongoing complexities influencing currency and equity markets.
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