Rupee turns flat at 84.07 against US dollar in early trade

New Delhi: The Indian rupee remained unchanged at 84.07 compared to the US dollar during the beginning of trading on Thursday due to high crude oil prices and ongoing foreign fund outflow from the stock market. Nonetheless, forex traders stated that the local unit received some support as the dollar decreased from its peak, and the domestic stock markets showed signs of improvement.

Indian Rupee Holds Steady at 84.07 Amid High Crude Prices and FII Outflows; Stock Market Shows Mixed Signals

In interbank forex trading, the Indian rupee started at 84.06 against the US dollar and went down by 1 paisa to reach the same level as the closing price of the previous day during early transactions. The rupee closed on Wednesday with a slight increase of 1 paisa against the US dollar, ending at 84.07. The local currency has been facing challenges in its recovery since October 11th, when it reached a low of 84.10 against the dollar. Experts stated that foreign investors rushing to sell in order to seek higher profits in the Chinese market have hindered the rupee's recovery, with concerns rising about the Federal Reserve's potential delay in interest rate cuts due to increased US treasury yields. They stated that the US presidential election weeks away, along with unstable geopolitics, prompted investors to lean towards safe-haven investments.

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At the same time, the dollar index, which measures the strength of the US dollar against six different currencies, experienced a slight decline of 0.07 percent but stayed high at 104.20. In futures trading, the global standard Brent crude increased by 1.27 pc to reach USD 75.91 per barrel. The Sensex increased by 68.86 points, or 0.09 pc reaching 80,150.84 points on the national stock market. The Nifty fell by 23.50 points, equivalent to 0.10 percent, reaching 24,412.00 points.According to data from the exchange, on Wednesday, foreign institutional investors (FIIs) sold shares worth Rs 5,684.63 crore in the capital markets, making them net sellers.