The rupee fell 11 paise to 76.35 against the US dollar in early trade on Monday, March 28, 2022, following a negative trend in domestic equities amid concerns over fresh foreign capital outflows.
Forex traders said a firming US dollar in the overseas market also affected the market sentiment.
At the interbank foreign exchange, the rupee opened sharply higher at 76.36 against the US dollar and was trading in a tight range. Later, it declined by 11 paise to reach the level of 76.35 from the previous close.
The rupee had closed at 76.24 against the US dollar in the previous session.
Global oil benchmark Brent crude futures slipped 2.50 per cent to $117.63 per barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.31 per cent to 99.12.
On the domestic equity market front, the 30-share Sensex was trading 444.32 points or 0.77 per cent lower at 56,917.88, while the broader NSE Nifty was trading 123.65 points or 0.72 per cent lower at 17,029.35.
FII net seller
Foreign institutional investors remained net sellers in the capital markets on Friday as they sold shares worth ₹1,507.37 crore, according to stock exchange data.
Amid rising geopolitical tensions and inflation concerns, foreign investors have pulled out a net ₹1,14,855.97 crore from Indian markets so far in the current year.
According to depository data, foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the figure so far this year to Rs 1,14,855.97 crore.