The rupee rises by 1 paisa to 84.06 against the US dollar in early trading.
The rupee made a slight recovery against the US dollar, rising 1 paisa to 84.06 in early trade on Monday, supported by positive domestic equity market trends and a weakening dollar.
The rupee made a slight recovery, rising by 1 paisa to 84.06 against the US dollar in early trading on Monday. This movement followed positive signals from domestic equity markets and a weakening US dollar. However, ongoing foreign fund outflows and rising crude oil prices continued to exert pressure on the local currency, according to forex traders.
In the interbank foreign exchange market, the rupee opened at 84.06 against the dollar and remained relatively stable, trading 1 paisa higher than its previous close. On Friday, it had fallen by 1 paisa to finish at 84.07. The dollar index, which measures the dollar's strength against a basket of six currencies, dipped by 0.05 percent to 103.25. Meanwhile, Brent crude oil rose by 0.33 percent to USD 73.30 per barrel in futures trading.
On the domestic equity front, the Sensex jumped 457.90 points, or 0.56 percent, to 81,682.65, while the Nifty increased by 97.70 points, or 0.39 percent, to 24,951.75. Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, offloading shares worth Rs 5,485.70 crore, according to exchange data. Additionally, data from the RBI revealed that India's forex reserves decreased by USD 10.746 billion to USD 690.43 billion for the week ending October 11, following a decline of USD 3.709 billion the previous week.
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