INR SENTIMENTS DENTED AMID MONTH-END DOLLAR DEMAND AND RISING OIL PRICES

Published on Jan 29, 2024 18:04

Rising crude oil prices in international markets and dollar demand from importers dented investor sentiments and led rupee depreciate 3 paise to 83.14 (provisional) against the US dollar on Monday. Meanwhile, support from positive domestic equities was offset by persistent foreign fund outflows. The benchmark S&P BSE Sensex jumped 1,240.90 points, or 1.76 percent, to 71,941.57 while the broader NSE Nifty index settled 385 points, or 1.8 percent, higher at 21,737.60. At the interbank foreign exchange market, the local unit opened at 83.14 against the US dollar. During the day, it witnessed an intraday high of 83.13 and a low of 83.15 against the American currency. Meanwhile, presentation of the Union Budget in Lok Sabha on February 1 is likely to further dictate equities and currency market this week.