Global oil benchmark Brent crude futures fell 0.92% to $80.91 a barrel
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The Indian rupee traded in a narrow range against the UAE dirham in Monday morning’s session. This is because positive sentiment for equities has increased and the easing in oil prices has been partially offset by the stronger American currency.
In Indian interbank forex, the rupee opened at 82.08 against the dollar (22.36 against the UAE dirham). The initial high of 82.05 was reached on the first trade.
The rupee on Friday settled at 82.06 against the dollar.
Meanwhile, the Dollar Index, which measures the US dollar’s strength against a basket of currencies, was trading at 101.8, down 0.02%.
Brent crude futures, the global oil benchmark, fell 0.92% to $80.91 a barrel.
On the Indian stock market, BSE Sensex traded 86.9 points or 0.15% higher at 59,741.96 points, while broader NSE Nifty rose 28.95 points or 0.16% to 17,653 points.
A large outflow of foreign capital also weighed on investor sentiment, weighing on the rupee, forex traders said.
Foreign institutional investors became net sellers of capital as they sold shares worth 21.16 billion rupees on Friday, currency data showed.
Amit Pavali, Managing Director of CR Forex Advisors, said: “Overall, the rupee is on a downward trend due to widening trade deficits, low forward premiums and expectations of further interest rate hikes by the US Federal Reserve (Fed). will keep it,” he said.
