Rupee gains 7 paise to close at 77.98 to the dollar as oil price drops

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The rupee appreciated 7 paise to settle at 77.98 (provisional) against the US dollar on Monday as crude oil prices retreated from high levels.

However, continued outflows of foreign funds limited the rupiah’s appreciation bias, traders said.

In the interbank FX market, the local unit opened strong at 77.98 against the greenback and saw an intraday high of 77.87 and a low of 78.03.

It eventually stabilized at 77.98, up 7 paise from its previous close of 78.05.

“The rupiah consolidated in a wide range despite volatility in domestic and global equities. Fed projections showed economic growth slowing to a below-trend rate of 1.7%,” Gaurang said. Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

On the domestic stock market front, the BSE Sensex ended up 237.42 points or 0.46% at 51,597.84, while the broader NSE Nifty was up 56.65 points or 0.37% at 15,350.15.

The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.37% to 104.31.

Brent futures, the global oil benchmark, fell 0.11% to $112.99 a barrel.

Foreign institutional investors were net sellers in the capital market on Friday as they unloaded shares worth Rs 7,818.61 crore, according to exchange data.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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