The rupee added its opening losses and closed on a flat note at 78.94 (provisional) against the United States dollar on Monday.
In the interbank forex market, the local unit opened at 78.97 against the greenback and fell to an intra-day low of 79.06. It finally closed at 78.94, unchanged from its previous close.
Dilip Parmar said, “Forex markets witnessed lower-than-normal momentum as US markets remained closed on account of Independence Day. Nevertheless, the rupee today recovered after last week’s worst performance due to capital outflows and concerns over double losses. Regional currencies outperformed.” , Research Analyst, HDFC Securities.
On the domestic equity market front, the BSE Sensex closed 326.84 points or 0.62% higher at 53,234.77, while the broader NSE Nifty ended 83.30 points or 0.53% higher at 15,835.35.
The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.13% at 104.99.
Global oil benchmark Brent crude futures fell 0.26% to $111.34 a barrel.
Foreign institutional investors remained net sellers in the capital markets on Friday as they sold shares worth Rs 2,324.74 crore, according to exchange data.
Meanwhile, the Reserve Bank of India (RBI) on Friday said the country’s foreign exchange reserves rose by $2.734 billion to $593.323 billion for the week ended June 24.