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A customer holds an Indian Rs 100 note at a roadside currency exchange stall in New Delhi. | Photo credit: Reuters
The Indian rupee lost its early gains to settle at 83.87 against the US dollar in early trade on Tuesday (August 20, 2024) as positive domestic equity markets and a weak US currency were negated by foreign capital outflows.
Forex traders said easing crude oil prices supported the local currency and halted its decline.
The rupee opened at 83.86 against the dollar at the interbank foreign exchange market, rose to 83.84 and then traded at the previous session’s close of 83.87 per dollar.
The rupee on Monday (August 19, 2024) rose 8 paise to close at 83.87 against the US currency.
The rupee witnessed minimal volatility in the last holiday-free week and narrowly escaped the crucial level of 84 marks.
Investors are expected to remain cautious ahead of the PMI data from the US and Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium, as they may not get any cues from the central bank about interest rate cuts.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.10% higher at 101.82.
Global oil benchmark Brent crude fell 0.68% to $77.13 per barrel.
In the domestic stock market, the Sensex rose 188.93 points or 0.23% to reach 80,613.61 points. The Nifty rose 60.15 points or 0.24% to reach 24,632.80 points.
Foreign institutional investors (FIIs) were net sellers in the capital market on Monday, selling shares worth Rs 2,667.46 crore, according to exchange data.
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