Mumbai The rupee depreciated by 6 paise to 81.77 against the US dollar in early trade on Monday amid a weak trend in the domestic equity markets and strengthening of the American currency overseas. Forex traders said fall in crude oil prices in the international market and inflow of foreign funds limited the rupee’s losses. The rupee opened weak at 81.81 at the interbank foreign exchange market and then declined by six paise to 81.77 against its previous closing price.
The rupee had closed at 81.71 against the dollar on Friday with a weakness of one paise. Meanwhile, the dollar index, which gauges the US dollar’s position against a basket of six major currencies, rose 0.41 per cent to 106.39. Global oil index Brent crude futures fell 2.58 per cent to $81.47 per barrel. According to provisional data of the stock market, foreign institutional investors (FIIs) bought shares worth a net Rs 369.08 crore on Friday.
Strength in stock markets as well
Major stock indices on Monday turned sluggish in early trade, but later recovered on the back of foreign fund inflows and fall in crude oil prices. During this period, the 30-share Sensex index of BSE was at 62,309.45 with a slight gain of 15.81 points. The broader NSE Nifty advanced five points to 18,517.75.
Later both the indices gained ground. Till the time of writing the news, the Sensex was up 103.38 points at 62,404.71 and the Nifty was up 24.85 points at 18,537.60. Reliance Industries, Asian Paints, Wipro, Maruti, Tech Mahindra, Kotak Mahindra Bank, Infosys and Bajaj Finserv were among the major gainers on the Sensex. On the other hand, HDFC, Tata Steel, HDFC Bank and IndusInd Bank declined.
The Sensex on Friday closed 20.96 points or 0.03 per cent higher at 62,293.64, and the Nifty closed at 18,512.75, up 28.65 points or 0.15 per cent. International oil index Brent crude was down 2.58 per cent at $81.47 per barrel. According to the provisional data of the stock market, foreign institutional investors (FIIs) bought shares worth Rs 369.08 crore on Friday.