Indian Rupee

Brent crude futures, the global oil benchmark, were trading slightly lower at USD 80.04 per barrel. The increase in Brent oil prices is driven by supply concerns due to disruptions in the US and Russia.

However, the sharp gain in the domestic currency was curbed by rising crude oil prices and foreign capital outflows, according to observations from forex traders. In the interbank foreign exchange, the rupee opened at 83.15, fluctuating between the day's peak of 83.05 and the lowest level of 83.16 against the greenback. Ultimately, it closed at 83.07, marking a 6-paise gain from the previous close.

Opening at 83.16 at the interbank foreign exchange, the rupee edged down to 83.15 against the US dollar during morning trading, marking a 1 paisa loss compared to its previous close of 83.14 on Wednesday.

The interbank foreign exchange market saw the rupee opening at 83.13 and slipping further to 83.15 against the dollar, marking a 3-paise loss compared to its previous close. In the preceding session, the rupee had declined by 26 paise, closing at 83.12 against the US dollar.

In the previous session on Friday, the rupee strengthened for the eighth consecutive session, closing with a gain of 6 paise at 82.95 against the US dollar.

​​​​​​​Surprisingly, the rupee didn't witness the anticipated gains, which traders attributed to increased dollar purchases by importers, particularly oil companies, aiming to hedge their positions amidst the favorable low dollar price.

Market analysts have noted that while the Reserve Bank of India (RBI) has been successful in maintaining the stability of the rupee by releasing US dollars from its reserves, this cannot be sustained indefinitely.