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| Photo Credit: C. Venkatachalapathy
The rupee showed a recovery from its lower level and gained marginally by 1 paisa to 84.06 against the U.S. dollar in early trade on Monday (October 21, 2024), tracking positive cues from domestic equity markets and a soft American currency.
However, sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and stayed almost flat in early deals, trading 1 paisa higher from its previous close.
On Friday, the rupee slipped 1 paisa to close at 84.07 against the U.S. dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down by 0.05%to 103.25.
Brent crude, the international benchmark, advanced 0.33% to $73.30 per barrel in futures trade.
On the domestic equity market front, Sensex surged 457.90 points, or 0.56%, to 81,682.65 points. The Nifty also climbed 97.70 points, or 0.39%, to 24,951.75 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth ₹5,485.70 crore, according to exchange data.
According to RBI data released on Friday, India’s forex reserves declined by $10.746 billion to $690.43 billion for the week ended October 11. In the preceding week, the reserves had dropped by $3.709 billion to $701.176 billion.
Published – October 21, 2024 10:32 am IST
