In the Monday morning session, the Indian rupee saw a 4 paise depreciation against the US dollar, reaching 83.32, influenced by a negative trend in domestic equities, and ongoing foreign fund outflows, as noted by forex traders. Opening at 83.31 against the dollar in interbank foreign exchange, the rupee hit a low of 83.32, marking a 4 paise decline from its previous close of 83.28 on Friday. Analysts from India Forex And Asset Management Pvt Ltd (IFA Global) anticipated potential RBI intervention to maintain a range of 83.20-83.30, predicting a subdued, festive season-driven session with low volumes. Concurrently, the dollar index, measuring the greenback’s strength against a basket of currencies, was at 105.82, down by 0.04%. Global oil benchmark Brent crude futures dipped by 0.93% to USD 80.67 per barrel. In the domestic equity market, BSE Sensex and NSE Nifty experienced declines, with foreign institutional investors net selling shares worth Rs 190.06 crore on Friday. The Reserve Bank reported a USD 4.672 billion increase in India’s forex reserves to USD 590.783 for the week ending November 3, primarily attributed to a USD 4.392 billion rise in foreign currency assets.
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