Mumbai: Rupee increased by 4 paise to 77.62 against U.S. Dollar In early trade on Monday, overseas markets were supported by a weak US currency.
However, sluggish domestic equities, rising crude oil prices and persistent foreign fund outflow Forex traders said that the rupee’s growth was restricted.
The rupee opened slightly stronger at 77.65 at the interbank forex U.S. Dollar And gained further momentum at 77.62, registering an increase of 4 paise from the previous close.
The rupee had closed at 77.66 against the US dollar in the previous session.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04 per cent lower at 102.10.
global oil benchmark crude oil Futures rose 0.79 percent to $120.66 a barrel.
On the domestic equity market front, 30-share Sensex It was trading 106.93 points or 0.19 per cent lower at 55,662.30, while the broader NSE Nifty fell 26.35 points or 0.16 per cent to end at 16,557.95.
Foreign institutional investors were net sellers in the capital markets on Friday as they sold shares worth Rs 3,770.51 crore, according to stock exchange data.
with Rising inflationreserve Bank of India (reserve Bank of India) is likely to raise the benchmark lending rate during its monetary policy review meeting this week.
The central bank is likely to raise rates by at least 35 basis points (bps) on top of the 40 bps hike that took effect last month after the off-cycle Monetary Policy Committee (MPC) meeting.
However, sluggish domestic equities, rising crude oil prices and persistent foreign fund outflow Forex traders said that the rupee’s growth was restricted.
The rupee opened slightly stronger at 77.65 at the interbank forex U.S. Dollar And gained further momentum at 77.62, registering an increase of 4 paise from the previous close.
The rupee had closed at 77.66 against the US dollar in the previous session.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04 per cent lower at 102.10.
global oil benchmark crude oil Futures rose 0.79 percent to $120.66 a barrel.
On the domestic equity market front, 30-share Sensex It was trading 106.93 points or 0.19 per cent lower at 55,662.30, while the broader NSE Nifty fell 26.35 points or 0.16 per cent to end at 16,557.95.
Foreign institutional investors were net sellers in the capital markets on Friday as they sold shares worth Rs 3,770.51 crore, according to stock exchange data.
with Rising inflationreserve Bank of India (reserve Bank of India) is likely to raise the benchmark lending rate during its monetary policy review meeting this week.
The central bank is likely to raise rates by at least 35 basis points (bps) on top of the 40 bps hike that took effect last month after the off-cycle Monetary Policy Committee (MPC) meeting.