Rupee Trades Stagnant Amidst Equities Downtrend and External Pressures

The Indian rupee commenced the trading week within a limited range vis-à-vis the US dollar, influenced by a downward trend in the domestic stock markets.

Factors Affecting Rupee’s Performance:

Forex experts noted the rupee’s restrained movement, attributing it to continual outflows of foreign funds and an upward surge in crude oil prices, which collectively dampened investor confidence.

Intraday Performance:

At the onset of interbank foreign exchange dealings, the rupee initiated trading at 83.25 against the US dollar (23.12 against the UAE dirham). Subsequently, it peaked at 83.23 and touched a nadir at 83.27 against the dollar.

The rupee’s subdued activity reflects the ongoing impact of negative market sentiments and external influences, signaling a cautious approach among investors amidst prevailing uncertainties.