Indian Rupee Vs US Dollar: In early trade on Monday, the rupee fell 31 paise to an all-time low of 80.15 against the US dollar, tracking the strength of the American currency and rising crude oil prices.
The rupee opened at 80.10 against the dollar on the interbank foreign exchange, then fell to 80.15, a 31-paise drop from the previous close. The rupee closed at 79.84 per dollar on Friday.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, was 0.51 percent higher at 109.35. Forex traders said the dollar index rose after Federal Reserve Chair Jerome Powell spoke out against inflation.
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According to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, the rupee opened lower after a hawkish Powell emphasised US rate hikes until inflation falls below 2%.
“With 80 being allowed to be crossed over by RBI, its actions will be watched closely by traders. The next important events are PMI and NFPR of the US which will give an indication as to how the economy and labour markets are behaving,” Bhansali stated.
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Brent crude futures rose 0.86 percent to USD 101.86 per barrel, the global oil benchmark. The 30-share Sensex was trading 966.68 points, or 1.64 percent, lower at 57,867.19, while the broader NSE Nifty was down 283.90 points, or 1.62 percent, at 17,275.00.
According to stock exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 51.12 crore.
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