After a downward trend in local markets, the rupee was trading in a limited range versus the US dollar in early trade on Monday.
The rupee is trading in a limited range, according to forex dealers, as investor mood was affected by persistent outflows of foreign funds and the strength of the US dollar in international commerce.
The native currency began at 83.25 versus the dollar at the interbank foreign exchange. It subsequently achieved an early high of 83.24 and a low of 83.26 against the greenback.
The rupee and the US dollar closed at 83.25 on Friday.
The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was up 0.03 percent at 106.59.
Oil costs The benchmark for global oil, Brent crude futures, dropped 1.23 percent to USD 89.37 a barrel.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, stated, “Asian currencies are slightly lower while European currencies continue to remain on the lower side as the dollar index is near 106.57, Brent oil at USD 88.43 per barrel, and Gold crossed USD 2,000 per ounce.”
The 30-share BSE Sensex was down 219.53 points, or 0.34 percent, at 63,563.27 on the domestic equities market. To 18,981.15, the larger NSE Nifty fell 66.10 points, or 0.35 percent.
According to exchange statistics, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,500.13 crore on Friday, making them net sellers in the capital markets.
In the meanwhile, Reserve Bank of India statistics shows that for the week ending October 20, India’s foreign exchange reserves decreased by USD 2.36 billion to USD 583.53 billion.
The total reserves rose to USD 585.895 billion over the previous reporting week, a gain of USD 1.153 billion.
