<p>Mumbai: The rupee settled for the day lower by 10 paise at 83.50 (provisional) against the US dollar on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities.</p><p>Forex traders said the downside in the rupee was restricted by easing political uncertainties as Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term.</p><p>At the interbank foreign exchange, the local unit opened at 83.48 and settled for the day lower by 10 paise at 83.50 (provisional) against the American currency.</p>.Sensex, Nifty settle lower after hitting record high levels in early trade.<p>On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar.</p><p>"We expect the rupee to trade with a slight negative bias on strong US Dollar amid rising expectations of a delay in interest rate cut by the US Federal Reserve due to tight job market," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>However, softening crude oil prices and optimism over a stable government may support the rupee at lower levels. Traders may take cues from inflation data from India and the US.</p><p>Investors may also watch out for the Federal Open Market Committee (FOMC) meeting this week. USD/INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.27, higher by 0.37 per cent.</p><p>Brent crude futures, the global oil benchmark, advanced 0.21 per cent to $79.79 per barrel.</p>.Rupee falls 10 paise to 83.50 against US dollar in early trade.<p>Modi will be heading a 72-member Union Council of Ministers putting emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government.</p><p>Along with Modi, senior BJP leaders including Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar, all ministers in the Modi 2.0 cabinet, took oath as cabinet ministers at the Rashtrapati Bhavan.</p><p>On the domestic equity market, the 30-share BSE Sensex declined 203.28 points, or 0.27 per cent, to close at 76,490.08 points. The broader NSE Nifty settled 30.95 points or 0.13 per cent lower at 23,259.20 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,391.02 crore, according to exchange data.</p><p>Meanwhile, India's forex reserves jumped USD 4.837 billion to a new all-time high of $651.51 billion for the week ended May 31, the RBI said on Friday.</p><p>In the previous reporting week, the overall reserves had dropped $2.027 billion to $646.673 billion.</p>
<p>Mumbai: The rupee settled for the day lower by 10 paise at 83.50 (provisional) against the US dollar on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities.</p><p>Forex traders said the downside in the rupee was restricted by easing political uncertainties as Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term.</p><p>At the interbank foreign exchange, the local unit opened at 83.48 and settled for the day lower by 10 paise at 83.50 (provisional) against the American currency.</p>.Sensex, Nifty settle lower after hitting record high levels in early trade.<p>On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar.</p><p>"We expect the rupee to trade with a slight negative bias on strong US Dollar amid rising expectations of a delay in interest rate cut by the US Federal Reserve due to tight job market," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>However, softening crude oil prices and optimism over a stable government may support the rupee at lower levels. Traders may take cues from inflation data from India and the US.</p><p>Investors may also watch out for the Federal Open Market Committee (FOMC) meeting this week. USD/INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.27, higher by 0.37 per cent.</p><p>Brent crude futures, the global oil benchmark, advanced 0.21 per cent to $79.79 per barrel.</p>.Rupee falls 10 paise to 83.50 against US dollar in early trade.<p>Modi will be heading a 72-member Union Council of Ministers putting emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government.</p><p>Along with Modi, senior BJP leaders including Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar, all ministers in the Modi 2.0 cabinet, took oath as cabinet ministers at the Rashtrapati Bhavan.</p><p>On the domestic equity market, the 30-share BSE Sensex declined 203.28 points, or 0.27 per cent, to close at 76,490.08 points. The broader NSE Nifty settled 30.95 points or 0.13 per cent lower at 23,259.20 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,391.02 crore, according to exchange data.</p><p>Meanwhile, India's forex reserves jumped USD 4.837 billion to a new all-time high of $651.51 billion for the week ended May 31, the RBI said on Friday.</p><p>In the previous reporting week, the overall reserves had dropped $2.027 billion to $646.673 billion.</p>