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The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency, forex traders said
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According to forex analysts, despite positive sentiment in the domestic equity markets and a weak American currency against major global currencies, the Indian unit was weighed down by the volatile crude oil prices
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At the interbank foreign exchange, the rupee opened at 83.33 against the dollar. It touched a low of 83.36 in initial deals, registering a fall of 2 paise over its previous close.
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The US currency also weakened against its major global rivals which supported the rupee sentiment despite FII outflows, forex dealers said.
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Forex traders said the rupee was trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments.
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Forex dealers noted that despite FII inflows and ongoing losses in crude oil prices, they helped prevent a further decline in the rupee.
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Rupee started strong against the US dollar as American currency weakened due to easing US inflation, noted forex traders.
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Orders dried up as a result of this, they said, adding that this created a heightened uncertainty in the forex market, causing excess volatility in the Indian rupee, which was avoidable.
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At the interbank foreign exchange, the rupee opened at 83.28, higher by 1 paisa from its previous close.
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At the interbank foreign exchange, the rupee opened at 83.25, higher by 5 paise over its previous close.
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Forex traders said sustained foreign fund outflows also dented investor sentiments.
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Forex traders said the rupee rose after the American currency dropped from its elevated levels, following a slower-than-expected US job growth in October.
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Forex traders said a positive trend in domestic equities supported the local unit at lower levels and restricted the downside.
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A weak US dollar overseas and positive domestic equities supported the local unit in early trade, forex traders said.
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Forex traders said the dollar strengthened on safe-haven demand. However, a positive trend in domestic equities supported the rupee at lower levels
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Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and strength of the American currency in the overseas market weighed on investor sentiments.
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An upward trend in the crude oil prices and selling pressure from foreign equity investors continued to weigh on the Indian currency, forex traders said.
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The rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar
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Some buying by foreign equity investors supported the Indian currency even though it was pressured by a subdued sentiment in the domestic equity markets, forex traders said.
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A correction in crude oil prices and firm domestic stock markets in opening trade capped the losses of the rupee, according to forex dealers.