In early trade, Rupee slips 11 paise against US dollar

Rupee fell 11 paise to 76.35 against the US dollar, tracking a downward trend in domestic equities and concerns about fresh foreign capital outflows.

Team Newsable

Mumbai, First Published Mar 28, 2022, 11:54 AM IST | Last Updated Mar 28, 2022, 11:55 AM IST

The rupee fell 11 paise to 76.35 against the US dollar in the opening trade on Monday, following a downward trend in the domestic equities amid concerns over fresh foreign capital outflows.

Forex traders stated that a strengthening US dollar in the overseas market also impacted market sentiment.

At the interbank foreign exchange, the rupee opened sharply lower at 76.36 against the US dollar, was moving a narrow range. Later, it rose slightly to 76.35, an 11 paise drop from the previous close.

The rupee had been fixed at 76.24 against the US dollar in the earlier session.

The Global oil benchmark Brent crude futures dropped 2.50 per cent to $117.63 per barrel.

Meantime, the dollar index, which measures the greenback's strength against a basket of six currencies, surged 0.31 per cent to 99.12.

The 30-share Sensex was trading 444.32 points or 0.77 per cent lower at 56,917.88 on the domestic equity market front. In comparison, the broader NSE Nifty dropped 123.65 points or 0.72 per cent to 17,029.35.

As per the stock exchange data, foreign institutional investors continued to be net sellers in the capital market on Friday, selling shares worth Rs 1,507.37 crores.

This year, overseas investors have pulled a net Rs 1,14,855.97 crore from Indian markets due to increased geopolitical tensions and inflation fears.

As per depositories data, Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crores so far this month, taking the year-to-date tally this year to a massive Rs 1,14,855.97 crore.

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