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Forex Traders Cite Overseas Strength of Dollar, Dampening Investor Sentiment

In the interbank foreign exchange market, the local unit opened at 83.51 against the greenback, touching 83.49 in initial trade, marking a 12 paise rise from its previous close.

Forex traders cited a robust US dollar in global markets and crude oil prices above USD 90 per barrel as factors dampening investor sentiment.

In the interbank foreign exchange market, the rupee opened at 83.23 against the US dollar, later reaching 83.16 in initial trade, marking a 15 paise increase from its previous close.

Forex traders noted that investor sentiment was dampened by both elevated crude oil prices and continuous foreign fund outflows.

In the interbank foreign exchange market, the rupee commenced trading at 83.33 against the dollar. It dipped to an early low of 83.34, marking a decline of 5 paise compared to its previous close.

Brent crude futures, the global oil benchmark, declined 0.05 per cent to USD 85.74 per barrel.

The unit moved in a range of 83.23 to 83.33 in morning deals.

In the interbank foreign exchange market, the rupee opened at 83.07 against the US dollar, stronger than the previous close of 83.19. It fluctuated between 83.08 and 83.04 in early trading.

At the interbank foreign exchange market, the rupee opened higher at 83.00 against the previous close of 83.03 in line with firm domestic stock markets.

Forex traders said the strength of the American currency, foreign fund outflows, and elevated crude oil prices in the international market dented investors' sentiments.

At the interbank foreign exchange, the rupee opened at 82.82 against the dollar and touched an early low of 82.85 against the greenback.

The rupee initially started at 82.74 against the dollar in the interbank foreign exchange but quickly recovered to reach 82.64 against the greenback during early trading, marking a 3-paise increase from its previous close.

Positive equity markets provided support to the local currency, but its rally was limited by volatile crude oil prices, according to forex traders.

Forex traders noted that while a positive sentiment in the equity markets boosted the local currency, the higher level of the dollar index introduced a negative bias.

Forex traders noted that the domestic unit was dragged down by a volatile equity market and continued outflow of foreign funds.

Forex analysts note that the rupee was influenced by crude oil prices remaining above USD 83 per barrel. Nevertheless, the rupee found support from positive equity markets, limiting its decline.

In interbank forex trading, the local currency opened at 82.88 and edged slightly to 82.89 against the US dollar, marking a 2 paise increase from the previous close.

Positive equity market sentiment and a weak American currency, however, provided support to the domestic unit, forex traders said.