As crude oil prices climb, the rupee begins unchanged at 82.79 against the U.S. dollar

Amid rising crude oil prices and ongoing capital outflows from abroad, the rupee started the session Monday on a flat note against the U.S. dollar. The rupee depreciated 1 paisa from the previous close to trade at 82.83 at the interbank foreign exchange from its opening price of 82.79. The rupee lost 3 paisas against the dollar to close at 82.82 in the previous session on Friday.

The dollar index, which measures the strength of the dollar relative to a basket of six different currencies, was down 0.11 percent at 104.31. The 30-share Sensex was up 434.69 points, or 0.73 percent, at 60,279.98 on the domestic equities market, while the larger NSE Nifty was up 128 points, or 0.72 percent, at 17,934.80.

Benchmark Brent crude futures for world oil increased 3.63 percent to USD 83.92 a barrel. In the capital market on Friday, foreign institutional investors sold shares worth Rs 706.84 crore, according to stock exchange statistics, making them net sellers.

The global market is attempting to respond to the dollar’s ongoing revaluation, according to experts, who predict that the USD/INR pair will continue in a period of consolidation. Any investment decision will likely become difficult in the near future due to growing worries about the COVID-19 outbreak.

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