Brent crude futures, the global oil benchmark, experienced a 0.73% increase, reaching USD 81.20 per barrel.
The Indian rupee exhibited a narrow trading range against the US dollar in early Monday trading, influenced by a negative trend in the domestic equities market.
Forex analysts noted that the rupee is constrained within a narrow range due to continuous foreign fund outflows and the escalating prices of crude oil, which are impacting investor sentiments.
On the interbank foreign exchange, the rupee initiated trading at 83.25 against the dollar. It reached a high of 83.23 and a low of 83.27 against the greenback. In the previous session, the rupee concluded at 83.26 against the dollar.
The dollar index, indicating the strength of the greenback against a basket of six currencies, recorded a 0.36% decrease, settling at 103.54.
Brent crude futures, the global oil benchmark, recorded a 0.73% increase, reaching USD 81.20 per barrel.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, commented, “Rupee opened virtually unchanged as demand for dollars continues unabated and RBI keeps its supply tap on.”
In the domestic equity market, the 30-share BSE Sensex was trading 97.04 points or 0.15% lower at 65,697.69 points. The broader NSE Nifty declined 17.05 points or 0.09% to 19,714.75 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, selling shares worth Rs 477.76 crore, according to exchange data.
Meanwhile, India’s forex reserves decreased by USD 462 million to USD 590.321 billion for the week ending November 10, as reported by the Reserve Bank on Friday. In the preceding week, the overall reserves had increased by USD 4.672 billion to USD 590.783 billion.
