The Indian rupee dipped by 3 paise to reach 83.15 against the US dollar in a day of limited trading. A stronger US dollar influenced the dip in international markets and foreign capital outflows.
Factors Behind the Rupee’s Performance:
Several factors contributed to the rupee’s slight decline. While the correction in crude oil prices and a robust start in the domestic stock markets helped limit the rupee’s losses, external influences, including the strength of the US dollar, played a role.
The local currency commenced trading by opening at 83.15 against the US dollar at the interbank foreign exchange market, marking a minor decrease of 3 paise.
Global Economic Factors:
The state of global financial markets also played a significant role in influencing the rupee’s performance.
Asian shares touched one-year lows on Monday as concerns over a broader Middle East conflict impacted market sentiment. This week is expected to be eventful, with significant data releases related.
