Photo credit: www.livemint.com
Continued withdrawals of foreign funds and high crude oil prices, according to currency traders, further dampened investor morale.
Early on Monday, a strong US dollar and a flat Indian stock market caused the Indian rupee to lose 42 paise to fall to 82.50 against the US dollar (22.48 against the UAE dirham).
According to FX traders, ongoing withdrawals of foreign funds and high crude oil prices further dampened investor morale.
The South Asian currency opened weakly at 82.35 against the dollar on the Indian interbank foreign exchange market. It then declined to 82.50, losing 42 paise from its previous finish.
The rupee’s value versus the US dollar was fixed at 82.08 at the previous session on Friday.
The dollar index, which measures the strength of the dollar against a basket of six different currencies, increased 0.17 percent to 103.09.
The benchmark for world oil, Brent crude futures, increased 0.25 percent to $80.14 a barrel.
According to Sriram Iyer, senior research analyst at Reliance Securities, the rupee started this Monday’s trading session on a lower note against the dollar after a better-than-expected US jobs report encouraged investors to bet on further Federal Reserve rate increases.
The USD/INR spot pair’s supports and resistance levels are 81.910 and 81.60 respectively. This Monday, according to Iyer, the duo might stay within the range.
The RBI MPC meeting for February this week will be the major market catalyst, but Iyer added that further advances in the dollar might dampen confidence.
As retail inflation is beginning to moderate and the US Fed is slowing the rate of increase in its benchmark interest rate, the Reserve Bank is expected to opt for a modest 25 basis point repo rate increase in its upcoming bi-monthly monetary policy announcement due later this week.
The 30-share BSE Sensex was down 242.95 points, or 0.40 percent, at 60,598.93 on the Indian stock market. The NSE Nifty, which is more inclusive, dropped 100.20 points or 0.56 percent to 17,753.85.
According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth 9.32 billion on Friday, making them net sellers in the capital markets.
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