The rupee’s appreciation was primarily attributed to the firm trend in domestic equities. The 30-share BSE Sensex climbed 238.97 points, while the NSE Nifty advanced 68.50 points in early trade. Additionally, the absence of any negative geopolitical developments within the last 24 hours boosted investor confidence, leading to an improvement in market sentiment.
Analysts anticipate that the rupee is likely to trade within the range of 83.25-83.40, with sideways price action. The stability of risk sentiment in global markets is contingent upon the upcoming earnings reports from prominent US tech companies meeting or exceeding expectations.
Meanwhile, the dollar index, which gauges the strength of the US dollar against a basket of six currencies, exhibited a marginal increase of 0.02% to 106.09. Brent crude futures, the global oil benchmark, also witnessed a rise of 0.41% to $87.36 per barrel.
On the domestic front, Foreign Institutional Investors (FIIs) remained net sellers in the capital markets on Monday. They offloaded shares worth ₹2,915.23 crore, as per exchange data.
