Rupee breaks 22 paise against US dollar in early trade, impact of weakness in domestic stock market

In the previous session, the rupee had closed 16 paise higher at 79.24 against the dollar. Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, fell 0.05 per cent to 106.57.

Rupee loses 22 paise against US dollar

Rupee in early trade on Monday due to weakness in domestic stock markets U.S. Dollar Against this, 22 paise fell to 79.46. Forex traders said continued foreign fund inflows helped hold the rupee’s fall. The rupee opened with a weak trend at 79.50 against the US dollar in the interbank foreign exchange market. However, it came down to 79.46, making some adjustments in the early deals. In this way, the rupee was trading with a loss of 22 paise against the previous close.

In the previous session, the rupee had closed 16 paise higher at 79.24 against the dollar. Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, fell 0.05 per cent to 106.57. Global oil benchmark Brent crude futures were trading 0.45 per cent higher at $95.35 per barrel.

What’s up with the Sensex?

According to provisional data of the stock market, foreign institutional investors bought shares worth a net Rs 1,605.81 crore on Friday. Leading stock index Sensex rose over 110 points in early trade on Monday led by gains in stocks like M&M, Reliance Industries and HDFC amid a mixed trend in global markets.

Although the Sensex opened with a weak trend, the 30-share BSE index rose 111.88 points, or 0.19 per cent, to 58,499.81, making up for the fall in opening deals. The broader NSE Nifty was trading 25.70 points or 0.15 per cent higher at 17,423.20.

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The biggest gain of two percent in the Sensex was in Mahindra & Mahindra. Apart from this, IndusInd Bank, NTPC, Reliance Industries, HDFC Bank and Maruti were among the top gainers. On the other hand, State Bank of India, Infosys, Tata Consultancy Services and ICICI Bank declined. Tokyo and Shanghai were trading higher in other Asian markets, while Seoul and Hong Kong were trading in the red.