Business

Indian Rupee Slips Against US Dollar

The Indian rupee depreciated six paise against the US dollar in early trade on Monday, following a lackluster trend in Indian equity markets and a firm American currency overseas.

However, lower crude prices in the international market and fresh foreign fund inflows restrict the rupee’s fall, according to forex dealers.

The dollar index rose 0.41 percent to 106.39, while Brent crude futures declined 2.58 percent to $81.47 per barrel.

The BSE Sensex and NSE Nifty fell 12.45 points, or 0.07 percent, to 18,500.30 and 62,265.67, respectively.

Markets could be trading lower in early trades due to weak Asian cues and resurgent safe-haven demand for the US dollar amid China’s increasing COVID cases.

However, the positive takeaway is that COVID concerns are offset by the optimism of more support from the Chinese central bank.

Intra-day volatility would persist, but positive catalysts such as falling crude oil prices, the US dollar index, and a better-than-expected earnings season could keep the markets in good stead.

Foreign institutional investors were net buyers in the Indian capital markets on Friday, buying shares worth Rs3.69 billion.

Spriha Rai

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

7 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

7 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

8 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

8 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

9 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

9 hours ago