According to information, continuing a flattish pattern in trade market and investors careful approach, the rupee dropped 38 paise early on Monday to hit 81.78 against the US dollar. Furthermore, dealers pointed out that the local currency was harmed by the growing gasoline prices on the international market.
The local currency at the interbank foreign currency depreciated further to quote at 81.78, shedding 38 paise from its previous closure, after initially starting out weakly against the dollar at 81.65.
But, the rupee one week ago gained 33 paise, closing at 81.40 against the dollar. The dollar index, which gauges the value of one currency against a group of six others, dropped by 0.04 percent to 112.08. Brent crude futures, the global benchmark for oil, jumped to 2.77 percent to USD 87.50 a barrel.
On the local stock market, the broader NSE Nifty was down 12.90 points, or 0.8%, at 17,081.45, while the 30-share Bombay Stock Excange was down 66.60 points, or 0.12%, at 57,360.32.
Foreign investors once again turned sellers in September after two months of capital influx as a result of the US Fed’s hawkish stance and the considerable devaluation of the rupee, withdrawing 7,600 crores from the Indian stock markets.
image credit : shutterstock
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