A strong dollar against international currencies and FII outflows further pressured the rupee, while a positive opening at the domestic equity market and an increase in the country’s forex reserves prevented further losses, according to forex traders.
At the interbank foreign exchange, the local unit opened at 86.16 before falling further to 86.17 against the greenback, down 6 paise from its previous close. The rupee had plummeted 59 paise to 86.11 against the US dollar on Friday (June 13).
Brent crude, the global oil benchmark, rose 0.77% to $74.30 per barrel in futures trade as the Israel-Iran conflict escalated.
India’s forex reserves increased $5.17 billion to $696.65 billion for the week ended June 6, the Reserve Bank of India said on Friday (June 13).
In the domestic equity market, the 30-share BSE Sensex rose 288.79 points to 81,407.39 in early trade while Nifty was up 98.9 points to 24,817.50.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15% to 98.33.
Foreign institutional investors (FIIs) offloaded equities worth ₹1,263.52 crore on a net basis on Friday, according to exchange data.
