The rupee was trading in a narrow range against the U.S. dollar in early trade on May 8.
| Photo Credit: REUTERS

The rupee was trading in a narrow range against the U.S. dollar in early trade on May 8, amid a negative trend in domestic equities and strong American currency.

Forex traders said significant foreign fund outflows in the international market dented investors’ sentiments.

At the interbank foreign exchange market, the local unit opened at 83.50, and touched 83.49 in initial trade, registering a gain of 2 paise from its previous close.

On May 7, the rupee closed at 83.51 against the American currency.

Forex traders easing crude oil prices supported the rupee and restricted the downside.

“Demand for dollars from foreign investors kept the rupee down on May 7 and though May 8th’s opening looks to be flat, the demand should continue. Selling by the Reserve Bank of India (RBI) could keep it range-bound.

“Importers are expected to adopt ‘wait and watch’ approach with a stop loss on breach of 83.60,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.55, higher by 0.14%.

Brent crude futures, the global oil benchmark, fell 0.43% to $82.80 per barrel.

On the domestic equity market, the 30-share BSE Sensex was trading 256.62 points, or 0.35% lower at 73,255.23 points. The broader NSE Nifty was down 60 points, or 0.27%, to 22,242.50 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on May 7 as they offloaded shares worth ₹3,668.84 crore, according to exchange data.

Image for representational purposes only.
| Photo Credit: Getty Images

The rupee rose 2 paise to 82.99 against the U.S. dollar in early trade on February 20, amid softening crude oil prices in the overseas market.

Forex traders said, however, a strong American currency, withdrawal of foreign funds and subdued equity market sentiment kept the local unit under pressure.

At the interbank foreign exchange, the domestic currency opened at 83.02 and inched up to 82.99 against the greenback in initial deals, registering a gain of 2 paise from its previous close.

On February 16, the rupee settled 4 paise higher at 83.01 against the U.S. dollar.

The currency derivatives market was closed on February 19 on account of Chhatrapati Shivaji Maharaj Jayanti.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.13% higher at 104.28.

Brent crude futures, the global oil benchmark, declined 0.13% to $83.45 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 164.66 points or 0.23% lower at 72,543.50 points. The broader NSE Nifty declined 44.45 points or 0.20% to 22,077.70 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on February 19 as they offloaded shares worth ₹754.59 crore, according to exchange data.

Representational image only.
| Photo Credit: The Hindu

The Rupee was trading in a narrow range and appreciated three paise to 83.25 against the U.S. dollar in early trade on October 19, amid a negative trend in domestic equities.

Forex traders said the Rupee is trading in a narrow range as sustained foreign fund outflows and strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.26 against the dollar and then touched an early high of 83.25, registering a gain of three paise over its previous close. On Wednesday, the Rupee settled at 83.28 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% higher at 106.60. Brent crude futures, the global oil benchmark, fell 0.55% to $91 per barrel.

Forex traders said crude oil prices fell as markets await further development from the Israel-Hamas war, while focus remained on upcoming signals from the U.S. Fed.

In the domestic equity market, the 30-share BSE Sensex was trading 435.23 points or 0.66% lower at 65,441.79. The broader NSE Nifty declined 131.00 points or 0.67% to 19,540.10.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on October 18 as they sold shares worth ₹1,831.84 crore, according to exchange data.

“FPIs continued their relentless selling in stocks and this buying of dollars from oil companies who due to steep rise in oil prices have been on the U.S. dollar buy side for the last one month keeping rupee in range as RBI sold dollars,” Anil Kumar Bhansali, head of Treasury and executive director at Finrex Treasury Advisors LLP, said.