The rupee fell 6 paise to 82.24 against the US dollar in early trade on Monday, driven down by the US currency’s surge in the foreign market. Forex traders said the rupee was trading in a limited range as the dollar’s strength was offset by a strong trend in local equities and falling crude oil prices. At the interbank foreign exchange, the local unit opened weak at 82.22 versus the dollar before falling to 82.24, a 6 paise drop from its previous level. The rupee closed at 82.18 per dollar on Friday.
The dollar index, which measures the strength of the US currency against a basket of six currencies, slipped 0.02 percent to 102.66. Brent crude futures rose 0.77 percent to USD 73.60 a barrel, the global oil benchmark. The dollar index rose to 102.71 levels, while Brent crude oil fell to USD 73.80 per barrel as risk aversion was the name of the game, said Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP.
Bhansali added that investors are now looking for more clues from India’s WPI inflation and trade deficit statistics, as well as European Industrial Production and US NYK Empire State Mfg Index data. The 30-share BSE Sensex was trading 140.28 points, or 0.23 percent, higher at 62,168.18 points in the domestic equity market. The NSE Nifty rose 25.25 points, or 0.14 percent, to 18,340.05 points.
Post Your Comments