Rupee gains 2 paise to 83.32 against US dollar in early trade
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. Also Read: Retail investors should avoid trading in derivatives, says NSE chief Ashish Chauhan 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. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) 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. Also Read: M&M’s strong Q2 results get thumbs up from analysts; should you buy the stock? 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. Catch Live Market Updates here (With inputs from PTI) Disclaimer: The views and recommendations made above are
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