Global oil benchmark Brent crude futures fell 3.05% to $92.82 a barrel
Global oil benchmark Brent crude futures fell 3.05% to $92.82 a barrel
The rupee on Tuesday closed 2 paise lower at 79.80 (provisional) against the US dollar amid a weak trend in domestic equities.
The domestic currency opened at 79.80 per dollar in the interbank foreign exchange market. It ranged from 79.80 to 79.91 during the session.
The domestic unit finally closed at 79.80, down 2 paise from its previous close of 79.80.
Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said, “The rupee traded in a narrow range and volatility was low as most market participants were on the sidelines after the US market holiday.”
Mr. Somaiya said the dollar hit a 20-year high against its key cross.
“The focus will be on services that the PMI number will be issued from the US. Better-than-expected data may drive gains for the greenback. We expect USD-INR (Spot) to trade sideways and bid in the range of 79.40 and 80.05. .,” said Mr. Somaiya.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10% higher at 109.64.
Global oil benchmark Brent crude futures fell 3.05% to $92.82 a barrel.
On the domestic equity market front, the BSE Sensex closed 48.99 points or 0.08% lower at 59,196.99, while the broader NSE Nifty ended 10.20 points or 0.06% lower at 17,655.60.
Foreign institutional investors were net sellers in the capital markets on Monday as they sold shares worth ₹811.75 crore, according to exchange data.