"rupee"

Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors.

Indian benchmark indices felt the heat with major corrections seen of around 2.50 per cent in the last two days keeping rupee at lower levels, Jateen Trivedi, VP Research Analyst said

Sustained foreign fund outflows, strength of the American currency in the overseas market further dented sentiments, forex traders said.

This was the biggest single-day fall for rupee in nearly six months. The Indian currency had witnessed the steepest intra-day fall of 68 paise on February 6

Forex traders said the rupee is trading lower on strong dollar and foreign fund outflows over the past few days.

During intra-day, the Indian unit touched the peak of 82.21 and hit the lowest level of 82.29 against the dollar

Elevated level of crude prices crossing USD 84 a barrel and subdued sentiment in the domestic equity markets also weighed on the Indian currency, forex traders said.

Elevated level of crude prices nearing USD 84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of better-than-expected GDP numbers from the US

At the interbank foreign exchange market, the local unit opened at 81.92 against the US dollar and moved in a range of 81.91 to 82.03 in the day trade

Forex traders said a positive trend in domestic equities and foreign fund inflows also aided the local unit.

This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.01 per cent to 101.34.

Indian government has been promoting Rupee trade with several countries to save forex, aiming at reducing dependence on the US Dollar and strengthening regional currency and trade

On Monday, the Indian rupee recorded a gain of 15 paise, closing at 81.83 (provisional) against the US dollar. This upturn was prompted by a significant surge in India's forex reserves, positively impacting investor sentiments.

Forex traders said investors are watching on the sidelines and awaiting cues from ensuing FOMC meeting and US FED decision this week.

At the interbank foreign exchange, the domestic unit opened at 82.03, then touched 82.05, registering a decline of 12 paise over its last close.

The domestic unit opened at 82.05, then touched a high of 82.02 against the American currency, registering a rise of 6 paise over its last close.

Besides, steady foreign fund inflows into domestic capital markets also supported the local unit, forex traders said

A surge in crude oil prices capped sharp gains for the local unit, forex traders said.

Strengthening crude prices in international markets capped the gains in the domestic unit, forex traders said.