Updated 16:33 IST, July 29th 2024
Rupee settles flat at 83.73 against US dollar
Forex traders reported that the US dollar's recovery and demand from importers limited the domestic unit's gains.

Rupee trades flat: The rupee traded within a narrow range before closing flat at 83.73 (provisional) against the US dollar on Monday. Gains from weak crude oil prices were offset by a strong American currency in overseas markets.
Forex traders reported that the US dollar's recovery and demand from importers limited the domestic unit's gains. The rupee opened at 83.70 at the interbank foreign exchange market, hitting a low of 83.74 against the dollar during the session. It ultimately settled at 83.73 (provisional), unchanged from the previous close. On Friday, the rupee had appreciated by 5 paise to 83.73 against the US dollar after recovering from an all-time low.
Anuj Choudhary, a Research Analyst at Sharekhan by BNP Paribas, commented, “We expect the rupee to trade with a slight negative bias due to month-end dollar demand from importers and oil marketing companies. A US Dollar recovery ahead of the Federal Open Market Committee (FOMC) meeting this week may also weigh on the rupee.”
Choudhary added, “A positive tone in the domestic markets and fresh foreign fund inflows may support the rupee at lower levels. Investors are likely to remain cautious ahead of the FOMC, Bank of England (BoE), and Bank of Japan (BoJ) meetings this week.”
In the domestic equity market, the 30-share BSE Sensex increased by 23.12 points, or 0.03 per cent, closing at 81,355.84 points. The Nifty rose by 1.25 points, or 0.01 per cent, to settle at 24,836.10 points.
Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.16 per cent at 104.48. Brent crude futures, the global oil benchmark, increased by 0.10 per cent to $81.21 per barrel.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday, purchasing shares worth Rs 2,546.38 crore, according to exchange data.
Additionally, India's forex reserves reached a new high, rising by $4 billion to $670.857 billion for the week ending July 19, according to the Reserve Bank. This follows an increase of $9.699 billion to an all-time high of $666.854 billion in the week ending July 12.
(With PTI inputs)
Published 16:33 IST, July 29th 2024