Rupee rises 12 paise to 77.93 against the dollar as crude oil prices fall

The rupiah strengthened 12 paises to 77.93 against the US dollar at the opening of trade on Monday, as lower crude oil prices supported the local unit.

However, continued outflows of foreign funds, a lackluster trend in domestic equities and a strong U.S. dollar overseas limited the gain, traders said.

On the interbank exchange, the rupee opened strongly at 77.98 against the US dollar, then rose slightly to quote 77.93, registering a rise of 12 paise during the last close.

During the previous session, the Rupee advanced 5 paise to settle at 78.05 against the US Dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.30% to 104.38.

The global oil benchmark, Brent futures, fell 0.26% to $112.83 a barrel.

The Indian rupee opened slightly stronger against the US currency after crude oil prices suffered the biggest drop in more than a month on concerns over demand prospects amid a weak outlook. economics, said Sriram Iyer, senior research analyst at Reliance Securities.

Meanwhile, most Asian and emerging market peers started slightly stronger on Monday morning and supported local unity.

However, the dollar remained strong and persistent portfolio outflows could limit the rupiah’s appreciation bias, Iyer noted.

On the domestic stock market front, the 30-stock Sensex traded 85.22 points or 0.17% lower at 51,275.20, while the broader NSE Nifty fell 39.35 points or 0, 26% to 15,254.15.

Foreign institutional investors were net sellers in the capital market on Friday as they unloaded shares worth Rs 7,818.61 crore, according to exchange data.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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