MUMBAI Mumbai: The rupee remained steady at 84.07 against the US dollar in early trade on Thursday amid a rise in crude oil prices and continued outflow of foreign funds from the capital market. However, forex traders said the dollar retreated from its high. The withdrawal provided some support to the local currency, while domestic equity markets showed signs of recovery. At the interbank foreign exchange market, the rupee opened at 84.06 against the dollar and fell by 1 paise to the previous day's close in early deals. Went.
On Wednesday, the rupee had closed marginally higher by 1 paise at 84.07 against the US dollar. The local currency has been struggling to recover since October 11, when it had closed at its lowest level of 84.10 against the dollar. Analysts said selling by foreign investors looking for better profits from the Chinese market has capped the rupee's recovery, while higher US Treasury yields have stoked fears of a slow cut in interest rates by the Federal Reserve.
He said that even amid uncertain geopolitics a few weeks before the US presidential elections, investors turned towards safe investments. Meanwhile, the dollar index, which measures the greenback's strength against six currencies, fell marginally 0.07 per cent but remained elevated at 104.20. International benchmark Brent crude rose 1.27 percent to $ 75.91 per barrel in futures trade. On the domestic stock market front, Sensex rose 68.86 points or 0.09 per cent to 80,150.84. Nifty fell 23.50 points or 0.10 per cent to 24,412.00. Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth Rs 5,684.63 crore, according to exchange data.
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