<p>Mumbai: The rupee pared its initial gains and settled for the day on a flat note, rising just 1 paisa to 83.89 (provisional) against the American currency on Monday, weighed down by a surge in crude oil prices.</p>.<p>Forex traders said the Indian rupee gained in morning trade on rise in domestic markets and a weak US Dollar. However, a surge in crude oil prices capped sharp gains for the local unit.</p>.<p>At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.80 against the US dollar and a low of 83.91.</p>.<p>The domestic currency finally settled at 83.89 (provisional), 1 paisa higher from its previous close.</p>.<p>On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent higher at 100.78. The US dollar had witnessed a sharp correction and fell to the lowest level since July 2023, on dovish comments by Fed Chair Jerome Powell at the Jackson Hole Symposium.</p>.<p>"We expect the rupee to trade with a slight positive bias on risk in global risk sentiments amid dovish Fed speak and rising expectations of a rate cut by the Fed in September. However, geopolitical tensions in the Middle East and rising crude oil prices may cap sharp upside," said Anuj Choudhary -- Research Analyst at Sharekhan by BNP Paribas.</p>.<p>Meanwhile, Brent crude, the global oil benchmark, advanced 0.92 per cent to $79.75 per barrel.</p>.<p>On the domestic equity market front, Sensex advanced 611.90 points, or 0.75 per cent, to close at 81,698.11 points. The Nifty rose 187.45 points, or 0.76 per cent, to 25,010.60 points.</p>.<p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,944.48 crore, according to exchange data.</p>.<p>Meanwhile, India's forex reserves jumped $4.546 billion to $674.664 billion during the week ended August 16, the Reserve Bank of India said on Friday. In the previous week, the forex kitty had dropped $4.8 billion to $670.119 billion. </p>
<p>Mumbai: The rupee pared its initial gains and settled for the day on a flat note, rising just 1 paisa to 83.89 (provisional) against the American currency on Monday, weighed down by a surge in crude oil prices.</p>.<p>Forex traders said the Indian rupee gained in morning trade on rise in domestic markets and a weak US Dollar. However, a surge in crude oil prices capped sharp gains for the local unit.</p>.<p>At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.80 against the US dollar and a low of 83.91.</p>.<p>The domestic currency finally settled at 83.89 (provisional), 1 paisa higher from its previous close.</p>.<p>On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent higher at 100.78. The US dollar had witnessed a sharp correction and fell to the lowest level since July 2023, on dovish comments by Fed Chair Jerome Powell at the Jackson Hole Symposium.</p>.<p>"We expect the rupee to trade with a slight positive bias on risk in global risk sentiments amid dovish Fed speak and rising expectations of a rate cut by the Fed in September. However, geopolitical tensions in the Middle East and rising crude oil prices may cap sharp upside," said Anuj Choudhary -- Research Analyst at Sharekhan by BNP Paribas.</p>.<p>Meanwhile, Brent crude, the global oil benchmark, advanced 0.92 per cent to $79.75 per barrel.</p>.<p>On the domestic equity market front, Sensex advanced 611.90 points, or 0.75 per cent, to close at 81,698.11 points. The Nifty rose 187.45 points, or 0.76 per cent, to 25,010.60 points.</p>.<p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,944.48 crore, according to exchange data.</p>.<p>Meanwhile, India's forex reserves jumped $4.546 billion to $674.664 billion during the week ended August 16, the Reserve Bank of India said on Friday. In the previous week, the forex kitty had dropped $4.8 billion to $670.119 billion. </p>