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Rupee Slides 4 Paise to 83.02 Against US Dollar in Early Trading

In early trade on Monday, the rupee saw a 4-paise depreciation against the US dollar, reaching 83.02.

In early trade on Monday, the rupee saw a 4-paise depreciation against the US dollar, reaching 83.02. This decline is attributed to a robust US dollar and escalating international crude oil prices. However, the Indian currency found support from positive signals in the domestic equity markets and an influx of foreign funds, according to forex traders. The upcoming Reserve Bank’s monetary policy decision, scheduled for later this week, is expected to be closely monitored by investors.

At the interbank foreign exchange, the rupee opened at 83.03 against the dollar, touching a low of 83.04 before recovering slightly to trade at 83.02, marking a 4 paise drop from the previous close at 82.98 on Friday. Meanwhile, the dollar index, measuring the greenback’s strength against a basket of six currencies, rose by 0.11% to 103.89. Global oil benchmark Brent crude futures increased by 0.38% to USD 77.62 per barrel.

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In the domestic equity market, the 30-share BSE Sensex showed a gain of 124.27 points or 0.17%, reaching 72,209.90 points. The broader NSE Nifty also advanced by 50.90 points or 0.24%, reaching 21,906.70 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, purchasing shares worth Rs 70.69 crore, as per exchange data.

The Reserve Bank of India (RBI) reported an increase in India’s forex reserves by USD 591 million to USD 616.733 billion for the week ended January 26.