Rupee falls 10 paise to close at 82.16 against US dollar

r was found upee It pared initial gains to settle 10 pounds at 82.16 (tentative) against the US dollar on Monday, tracking weak sentiment in the domestic stock market and the relentless inflow of foreign funds.

Traders said fall in Crude oil The price and the dollar’s weakness against major currencies, however, has restricted the Indian currency’s decline.

In the interbank foreign exchange market, the local unit opened stronger at 81.78 against the greenback and touched an intraday low of 82.20. It settled at 82.16 (temporary) against the dollar, recording a loss of 10 pounds from the previous close at 82.06.

Also read: Crude oil prices rose as the failure of the SVB eased concerns of a rate hike in the US

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.37 percent to 104.19.

The global oil benchmark, Brent crude futures, fell 1.72 percent to $81.36 a barrel.

In terms of the local stock market, the 30-share BSE Sensex index fell 897.28 points, or 1.52 percent, to close at 58,237.85, while the broader NSE Nifty index fell by 258.60 points, or 1.49 percent, to 17,154.30.

Also read: ‘Nothing to do with SVB’: India’s SVC bank calms depositors amid brand name confusion

Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday as they unloaded shares worth ₹2,061.47 crore, according to exchange data.

Investors were trading cautiously as they were concerned about developments following the crash Silicon Valley Bank in the United States.