Image used for representational purpose.
| Photo Credit: Reuters
The rupee turned flat at 84.42 against the U.S. dollar in early trade on Thursday (November 21, 2024) amid volatile crude oil prices and lackluster sentiment in the domestic equity markets.
A weaker American currency supported the local unit, but it was weighed down by the relentless outflow of foreign funds, forex traders said.
Also read | Adani stocks crash on U.S. action on alleged bribery and fraud
At the interbank foreign exchange, the rupee opened at 84.41 and slipped further to 84.42 against the greenback, trading at its previous closing level in early deals.
On Tuesday, the rupee settled flat at 84.42 against the U.S. dollar. The foreign exchange market was closed on Wednesday due to Assembly elections in Maharashtra.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.11% at 106.49.
Brent crude, the global oil benchmark, rose by 0.22% to $72.97 per barrel in futures trade.
On the domestic equity market front, Sensex was trading 398.45points, or 0.51% lower, at 77,179.93 points. The Nifty fell 136.10 points, or 0.58%, to 23,382.40 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹3,411.73 crore, according to exchange data.
Published – November 21, 2024 11:09 am IST