The Indian rupee slipped 7 paise to close at 94.50 (provisional) against the US dollar on Monday, after opening at 94.40. It reached an intraday high of 94.38 and a low of 94.50, ending down from Friday’s 94.43.
Forex traders noted modest gains from foreign inflows early in the session, but a negative domestic equity market and rising crude oil prices dampened sentiment. Anuj Choudhary of Mirae Asset ShareKhan said the rupee could still trend positive if foreign inflows and a weak dollar persist.
The dollar index traded at 98.90, down 0.27%. Brent crude futures were up 0.58% at USD 96.84 per barrel. On the domestic front, the Sensex fell 382.62 points to 76,132.81 and the Nifty dropped 118.55 points to 23,779.15. Foreign institutional investors sold equities worth Rs 3,111.94 crore on Friday.
India’s forex reserves rose to an all‑time high of USD 740.803 billion, up USD 11.475 billion during the week ended August 28, according to the RBI. Analysts noted that Iran’s final‑stage deal with Oman could ease oil prices, yet ongoing US‑Iran tensions and upcoming inflation data may continue to pressure the rupee.
