Rupee trades flat at 83.25 against the US dollar in early trade
The Indian rupee traded flat against the US dollar in early trade on Tuesday as elevated crude oil prices and a strong American currency overseas weighed, while the positive trend in the domestic equities supported the local unit. Rupee opened flat at 83.25 a dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced by 0.26% to 106.39.
On Monday, the rupee ended on a flat note at 83.25 against the US dollar.
“The Indian rupee keeps juggling between 83.15-83.30 levels amid overall pressure such as a stronger US DXY, higher US bond yields, surging oil prices amid Middle East tensions, and a shaky domestic equity market causing FPI outflow,” CR Forex Advisors MD Amit Pabari said.
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Crude oil prices traded higher, weighing on the domestic currency.
Brent crude rose 0.41% to $87.81 a barrel, while US West Texas Intermediate crude gained 0.43% to $82.66 a barrel.
On the domestic front, the Indian stock market indices gave up early gains to trade lower.
The BSE Sensex fell 182.34 points, or 0.28%, to 63,930.31, while the NSE Nifty 50 was trading 48.55 points, or 0.25%, lower at 19,092.35.
According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth ₹1,761.86 crore.
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(With inputs from PTI)
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Updated: 31 Oct 2023, 10:45 AM IST
