On Monday, the rupee rose 4 paise to 82.43 against the US dollar, buoyed by falling crude oil prices and a favorable trend in domestic markets. The local unit opened at 82.45 versus the US dollar on the interbank foreign exchange market and closed at 82.43, up 4 paise from its previous level. The domestic unit reached an intraday high of 82.40 and a low of 82.48 throughout the day. The rupee finished at 82.47 versus the US dollar on Friday. On Monday, the rupee traded flat to slightly higher as local markets improved and the US dollar fell. Weak crude oil prices also helped the native currency, according to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
However, FII outflows limited the size of the gains. According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital market on Friday, offloading shares worth Rs 626.62 crore. The US dollar fell as expectations grew of a pause in rate hikes at the June FOMC meeting. This has also resulted in improved sentiment in global markets.
The dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.26 percent to 103.28. In the meantime, global oil benchmark Brent crude futures fell 2.31 percent to USD 73.06 per barrel.
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