According to LSEG, the rupee fell 0.3% on a weekly basis, ending Friday at 83.97 per US dollar, marginally weaker than its previous close of 83.96/$1. The local currency fell to a record low of 83.98 per US dollar last month.
The rupee remained above the psychologically significant 84/$1 mark on possible Reserve Bank of India intervention, traders said.
Both foreign investors and oil companies are buying dollars. FPIs bought dollars selling in Indian equities and oil companies became buyers as oil prices rose”, said Anil Bhansali, Head of Treasury, Finrex Treasury Advisors.
Foreign investors have invested Rs. 9,896.9 crore from Indian equities today, BSE data shows. Rising crude oil prices and recent stimulus by the Chinese government, which boosted the outlook on the country’s assets, were the reasons for the exit from Indian equities, traders said.
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Crude oil prices have risen sharply in the past week due to the ongoing war in the Middle East. Brent crude prices rose 8.5% this week to $78.1 a barrel, according to Reuters.
A rise in crude oil prices is detrimental to domestic trade and inflation as India is a major importer of the commodity.
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