The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.52% at 105.34.
The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.52% at 105.34.
The rupee on Monday edged higher by 22 paise at 79.02 (provisional) against the US dollar, tracking risk sentiment, easing crude oil prices and a weak US currency.
In the interbank forex market, the local unit opened at Rs 79.16 on gains in shares and fall in crude oil.
The rupee touched a high of ₹79.00 and a low of ₹79.22 before settling at 79.02 (Provisional). In the previous session, the rupee had closed at Rs 79.24 against the US dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.52% at 105.34.
Global oil benchmark Brent crude futures fell 1.21% to $102.71 a barrel.
According to Anuj Choudhary, Research Analyst, Sharekhan, BNP Paribas, risk-on sentiment, fall in crude oil prices and a weak US dollar led to the rise in the Indian rupee.
Besides, India’s manufacturing PMI rose to 56.4 in July as compared to 53.9 in June and this also supported the rupee.
“We expect the rupee to trade mixed with positive on a weak US dollar and positive global risk sentiments. FII inflows and weak crude oil prices may also support the rupee. However, concerns over a global slowdown and inflation intensify. can.
“Markets may also take cues from US ISM manufacturing data today and RBI’s monetary policy outcome for the week. USDINR spot price is expected to trade in the range of Rs 78.50 to Rs 80 in the next few sessions,” said Mr. Chowdhary .
On the domestic equity market front, the BSE Sensex closed 545.25 points or 0.95% higher at 58,115.50, while the broader NSE Nifty ended 181.80 points or 1.06% higher at 17,340.05.
Foreign institutional investors were net buyers in the capital market on Friday, buying shares worth 1,046.32 crore, according to exchange data.