Indian Rupee Weakens Against US Dollar:
The Indian rupee declined by 6 paise to 81.96 against the US dollar (22.33 versus the UAE dirham) in early trade on Monday.
The depreciation can be attributed to the strength of the American currency compared to other major currencies worldwide.
FII Inflows and Falling Crude Prices Fail to Support Indian Rupee:
Despite foreign institutional investors (FIIs) investing in local equities and a decrease in crude oil prices, the Indian currency did not receive support.
Analysts suggest that these factors were unable to counterbalance the impact of the strong US dollar on the Indian rupee.
Trading Activity at the Indian Interbank Foreign Exchange:
The rupee opened lower at 81.93, hit a low of 81.98, and settled at 81.96, reflecting a fall of 6 paise compared to its previous close of 81.90 against the US dollar on Friday.
Lower Crude Oil Prices:
Crude oil prices traded lower, with the benchmark Brent crude slipping by 1.46 percent to $75.49 per barrel on Monday.
Decreased oil prices can have positive implications for the Indian economy, reducing the country’s import bill and supporting the balance of payments.
Strengthening of the US Dollar:
The dollar index, which measures the strength of the US dollar against a basket of six major currencies, increased by 0.10 percent to reach a value of 102.35.
A higher dollar index indicates a stronger US dollar relative to other currencies in the basket.
Performance of the Indian Equity Market:
The 30-share BSE Sensex showed a positive trend, trading higher by 179.17 points or 0.28 percent at 63,563.75.
The broader NSE Nifty rose by 47.75 points or 0.25 percent, reaching 18,873.75.
These figures indicate a well-performing stock market during the given trading session.
Net Buying Activity of Foreign Institutional Investors (FIIs):
Data from the exchange indicates that foreign institutional investors (FIIs) acted as net buyers in the Indian capital markets on Friday, making share purchases worth Rs7.94 billion. This implies that FIIs exhibited a favorable sentiment and demonstrated confidence in the Indian market.
Current Exchange rates:
Exchange rates between the United Arab Emirates Dirham (AED) and the Indian Rupee (INR) for the specified dates:
Sunday, 25 June 2023: 1 AED = 22.333 INR
Saturday, 24 June 2023: 1 AED = 22.321 INR
Friday, 23 June 2023: 1 AED = 22.314 INR
Thursday, 22 June 2023: 1 AED = 22.316 INR
Wednesday, 21 June 2023: 1 AED = 22.308 INR
Tuesday, 20 June 2023: 1 AED = 22.323 INR
Monday, 19 June 2023: 1 AED = 22.321 INR
