The Crossbill News Desk
The rupee surrendered early gains and ended lower by 8 paise at 87.66 (provisional) against the US dollar on Monday (August 11), weighed down by sustained dollar demand from importers and a rebound in crude oil prices.
Opening at 87.56 at the interbank foreign exchange, the domestic currency moved in a narrow range of 87.48 to 87.66 during the session before settling at the day’s low, down from its previous close of 87.58 on Friday, news agency PTI reported.
Last week, the rupee had pared sharp intra-day losses to end flat, but renewed pressure from foreign fund outflows and importers’ dollar purchases pulled it down in the latest session.
Brent crude futures edged up 0.03 per cent to USD 66.61 per barrel, while the dollar index, which measures the greenback’s strength against six major currencies, rose 0.10 per cent to 98.28.
Market participants remained cautious ahead of the US and India CPI inflation data and the upcoming US-Russia talks on August 15. India on Saturday welcomed the planned meeting between US President Donald Trump and Russian President Vladimir Putin, reiterating Prime Minister Narendra Modi’s consistent stance that this is “not an era of war” and calling for an end to the conflict in Ukraine through dialogue and diplomacy.
In domestic equities, the Sensex surged 746.29 points to close at 80,604.08, while the Nifty gained 221.75 points to finish at 24,585.05.
However, India’s forex reserves recorded one of the steepest weekly declines in recent times, falling by USD 9.322 billion to USD 688.871 billion for the week ended August 1, according to RBI data. This follows a USD 2.703 billion rise in the previous week.
Foreign institutional investors turned net buyers on Friday, purchasing equities worth Rs 1,932.81 crore, snapping several days of selling.
Forex dealers said lingering concerns over global trade tensions also weighed on the rupee, particularly after the United States announced on August 6 an additional 25 per cent tariff on all Indian imports, taking the total duty to 50 per cent effective August 27.
Opening at 87.56 at the interbank foreign exchange, the domestic currency moved in a narrow range of 87.48 to 87.66 during the session before settling at the day’s low, down from its previous close of 87.58 on Friday, news agency PTI reported.
Last week, the rupee had pared sharp intra-day losses to end flat, but renewed pressure from foreign fund outflows and importers’ dollar purchases pulled it down in the latest session.
Brent crude futures edged up 0.03 per cent to USD 66.61 per barrel, while the dollar index, which measures the greenback’s strength against six major currencies, rose 0.10 per cent to 98.28.
Market participants remained cautious ahead of the US and India CPI inflation data and the upcoming US-Russia talks on August 15. India on Saturday welcomed the planned meeting between US President Donald Trump and Russian President Vladimir Putin, reiterating Prime Minister Narendra Modi’s consistent stance that this is “not an era of war” and calling for an end to the conflict in Ukraine through dialogue and diplomacy.
In domestic equities, the Sensex surged 746.29 points to close at 80,604.08, while the Nifty gained 221.75 points to finish at 24,585.05.
However, India’s forex reserves recorded one of the steepest weekly declines in recent times, falling by USD 9.322 billion to USD 688.871 billion for the week ended August 1, according to RBI data. This follows a USD 2.703 billion rise in the previous week.
Foreign institutional investors turned net buyers on Friday, purchasing equities worth Rs 1,932.81 crore, snapping several days of selling.
Forex dealers said lingering concerns over global trade tensions also weighed on the rupee, particularly after the United States announced on August 6 an additional 25 per cent tariff on all Indian imports, taking the total duty to 50 per cent effective August 27.
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