In the early trading hours on Monday, the Indian rupee experienced a gain of 7 paise against the US dollar, reaching a value of 82.96. This upward movement was influenced by a weaker performance of the US dollar in international markets and a consistent inflow of foreign funds, which bolstered investor confidence. Despite these positive factors, the rupee’s growth was somewhat curtailed by a lackluster trend in the domestic equity markets, as noted by forex traders.
At the start of the trading session, the rupee opened 6 paise higher at 82.97 against the US dollar and exhibited a fluctuation range between 82.95 and 83.02. Initial transactions placed the rupee at 82.96 against the US dollar, signifying a gain of 7 paise from its previous closing value of 83.03 on the preceding Friday.
While the dollar index, reflecting the strength of the US dollar against a basket of six currencies, showed a marginal decline of 0.08% at 102.10, Brent crude futures, a key global oil benchmark, saw a rise of 0.41%, reaching USD 76.86 per barrel.
In the domestic equity market, the BSE Sensex observed a 0.11% decline, amounting to 75.89 points, settling at 71,407.86. Simultaneously, the broader NSE Nifty experienced a 0.14% drop, totalling 29.20 points, and settling at 21,427.45.
Foreign Institutional Investors (FIIs) displayed notable activity on Friday, emerging as net buyers in the capital markets. They purchased shares worth Rs 9,239.42 crore, according to exchange data. This reflects a continued positive trend in 2023, where foreign investors have injected nearly Rs 1.5 lakh crore into the Indian equity markets. This influx is driven by optimism surrounding the resilient economic fundamentals of the country, even amid the challenges presented by the global economic landscape. Analysts foresee this positive momentum extending into the year 2024.
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