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The Indian rupee traded 2 paise higher at 83.32 against the US dollar in early trade on Monday amid softness in American currency and a drop in crude oil prices. The local unit opened 4 paise higher at 83.30 a dollar as compared to previous close of 83.34.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.04% at 105.82.
On Friday, the rupee ended at a record low at 83.34 a dollar. The local unit had hit its lifetime low of 83.42 to the dollar during the session.
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Persistent outflows of foreign funds and a weak trend in the domestic equities weighed on the local unit, forex traders said.
“We expect the RBI to intervene to bring it within the 83.20-83.30 range. We otherwise expect a range-bound session with volumes being low on account of the festive season,” India Forex And Asset Management Pvt Ltd (IFA Global) said in a research note.
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Meanwhile, crude oil prices declined on renewed concerns over waning demand in the United States and China dented market sentiment.
Brent crude futures for January fell 1.01% to $80.61 a barrel, while the US West Texas Intermediate (WTI) crude futures for December declined 1.02% to $76.38.
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On the domestic side, the benchmark equity indices traded half a percent lower on Monday. The Sensex traded 375.80 points, or 0.58%, lower at 64,883.65, while the Nifty 50 was down 102.30 points, or 0.52%, at 19,423.25.
India’s forex reserves jumped by $4.672 billion to $590.783 for the week ended November 3, the Reserve Bank said on Friday.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth 190.06 crore, according to exchange data.
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(With inputs from PTI)
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