Early trading saw the rupee drop 22 paisas to 79.46 against the US dollar

• Image Credit: The Financial Express

• Aug 8, 2022 | Kabir Chakraborty

In initial deals, the local unit was moving in a tight range of 79.50 and 79.46.

On the domestic equity front, the 30-share Sensex was trading 70.74 points or 0.12 percent lower at 58,317.19, while the broader NSE Nifty fell 24.30 points or 0.14 percent to 17,373.20.

Digital Desk: Early on
Monday, the rupee lost 22 paise to trade at 79.46 against the US dollar as
domestic stocks saw muted sentiment.

Forex traders claimed
that the rupee's decline was nevertheless limited by consistent inflows of
foreign funds into the capital market.

The rupee depreciated by
22 paise over the previous close at the interbank foreign exchange, where it
started out weakly versus the US dollar at 79.50 before gaining some ground to
quote at 79.46 in first dealings.

color:black;mso-themecolor:text1">In the previous session, the rupee gained 16
paise to settle at 79.24 against the dollar.

color:black;mso-themecolor:text1"> 

color:black;mso-themecolor:text1">In initial deals, the local unit was moving
in a tight range of 79.50 and 79.46.

On
the domestic equity front, the 30-share Sensex was trading 70.74 points or 0.12
percent lower at 58,317.19, while the broader NSE Nifty fell 24.30 points or
0.14 percent to 17,373.20.

The dollar index, which
measures the strength of the dollar against a basket of six different
currencies, decreased 0.05% to 106.57.

Benchmark Brent crude
futures for world oil gained by 0.45% to USD 95.35 per barrel.

According to exchange
data, foreign institutional investors continued to be net purchasers on Friday,
buying shares worth Rs 1,605.81 crore.

color:black;mso-themecolor:text1">Foreign investors continued to have an
optimistic outlook on Indian shares after becoming net buyers last month,
investing more than Rs 14,000 crore in the first week of August despite a
weakening dollar index.

color:black;mso-themecolor:text1"> 

color:black;mso-themecolor:text1">This was way higher than the net investment
of nearly Rs 5,000 crore by Foreign Portfolio Investors (FPIs) in the entire
July, data with depositories showed.