On Monday, the rupee lost 11 paise to settle at 82.30 (provisional) against the US dollar as continuing foreign capital outflows hurt the local currency. The rupee’s decline was however restrained, according to traders, by a surge in domestic equities and a weakening of the dollar outside.
The local currency at the interbank foreign exchange market started off lower at 82.33 and eventually dropped to a low of 82.42. The unit eventually decreased 11 paise from its previous level to conclude at 82.30 against the dollar.
The local currency had reached a settlement value of 82.19 versus the US dollar in the previous session on Friday. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased by 0.47 % to 112.78.
The price of a barrel of benchmark Brent crude increased by 0.28 % to USD 91.89. The 30-share BSE Sensex increased by 491.01 points or 0.85 % to close at 58,410.98 on the domestic equities market, while the larger NSE Nifty increased by 126.10 points or 0.73 % to close at 17,311.80.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, selling shares worth Rs1,011.23 crore. Due to worries that monetary policy tightening by the US Federal Reserve and other central banks across the world will stifle global economic growth, FIIs withdrew about Rs7,500 crore from the Indian equity markets in the first two weeks of October.
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