Rupee Settles at 79.97 Against US Dollar; Briefly Touches 80 Per USD Mark

Mumbai: The rupee slid to the psychologically low stage of 80 in intra day commerce earlier than settling down by 15 paise at 79.97 (provisional) towards the US forex on Monday on account of a surge in crude oil costs and unrelenting international fund outflows. At the interbank foreign exchange market, the native unit opened at 79.76 towards the dollar however later misplaced floor to the touch the psychological low mark of 80.00 towards the American forex.

The native unit recovered some misplaced floor and closed at 79.97 (provisional), registering a fall of 15 paise over its earlier shut. The rupee on Friday rebounded from the near-80 ranges to shut larger by 17 paise at 79.82 towards the US forex.

“Indian rupee, opened in the green on strength in domestic equity markets and a weak US Dollar. However, the rupee weakened in the latter half of the day on surge in crude oil prices and selling pressure by FIIs. FII outflows rose to Rs 1,649 crores on Friday,” stated Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas. Choudhary additional stated that the rupee is more likely to commerce with a optimistic bias of rise in danger urge for food in international markets and weak point in US Dollar. Improved international danger sentiments may assist the rupee.

“However, pullback in crude oil prices and continued selling pressure by FIIs my cap sharp gains in the rupee. USDINR spot price is expected to trade in a range of Rs 79.20 to Rs 80.80 in the next couple of sessions,” Choudhary stated. The greenback index, which gauges the dollar’s power towards a basket of six currencies, was buying and selling 0.50 per cent down at 107.52.

Brent crude futures, the worldwide oil benchmark, jumped 2.06 per cent to USD 103.24 per barrel. On the home fairness market entrance, the BSE Sensex ended 760.37 factors or 1.41 per cent larger at 54,521.15, whereas the broader NSE Nifty declined 229.30 factors or 1.43 per cent to 16,278.50.

Foreign institutional traders remained internet sellers within the capital market on Friday, offloading shares price Rs 1,649.36 crore, as per change information.

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