On Monday, in early trade against the US, the Indian rupee devalued to 6 paise to 82.44, weighed down by the strength of the American currency.
Forex traders said that the Indian rupee was trading in the narrow range as the resilience of the American currency was contradicted by a firm trend in Indian equities and easing crude oil prices.
Moreover, at the Indian interbank foreign exchange, the rupee opened feeble at 82.22 against the dollar, which then fell to 82.24, recording a reduction of 6 paise over its last close.
On Friday, the Indian rupee settled at 82.18 against the dollar.
The dollar index, which measures the strength of the greenback against a bag of six currencies, fell from 0.02 percent to 102.66.
Brent crude futures, the global oil benchmark, increased from 0.77 percent to $ 73—60 per barrel.
Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP, stated, ” The dollar index increased to 102.71 levels, while Brent crude oil fell to $73.80 per barrel as risk repulsion was the name of the game “.
Bhansali said investors are waiting for WPI inflation and trade deficit data from India, European Industrial Production, and US NYK Empire State Mfg Index data for other cues.
In the Indian equity market, the 30-share of BSE Sensex dealt 140.28 points or 0.23 percent higher at 62,168.18 points. The broader NSE Nifty increased 25.25 points or 0.14 percent to 18, 340.05 points.
As per the exchange data, Foreign Institutional Investors(FIIs) were the net buyers in the capital markets on Friday, as they purchased shares worth Rs 10.14 billion.
