Rupee ends 29 paise lower at 82.68 against US dollar
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.24% to 104.26.
PremiumThe rupee ended 29 paise lower at at 82.68 against the US dollar on Monday, weighed down by the broader strength of the American currency and surging crude oil prices.
At the interbank foreign exchange, the rupee opened at 82.47 against the dollar, and depreciated 29 paise to finally settle at 82.68 (provisional) as against its Friday's close of 82.39.
During the day, the rupee hit a high of 82.45 and a low of 82.68 against the greenback.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.24% to 104.26.
Also weighing on the rupee were crude oil prices that rallied 2% after Saudi Arabia decided to trim oil production by a further 1 million barrels per day (bpd) from July.
Brent crude futures gained 1.73% to $77.45 a barrel, after touching a session high of $78.73, while the US West Texas Intermediate crude climbed 1.87% to $73.08, after hitting an intraday high of $75.06.
Read here: Crude oil price today: Brent oil jumps after OPEC+ announces production cuts
The dollar demand from oil importers surged after crude oil prices recovered from a multi-month low as Saudi Arabia pledged a production cut at the OPEC summit, PTI reported.
Short-term volatility is expected to surge ahead of the RBI meeting this week.
Meanwhile, the Indian equity market ended higher, with the 30-share BSE Sensex closed 240.36 points, or 0.38%, higher at 62,787.47 points and the Nifty advancing 59.75 points, or 0.32% to 18,593.85 points.
On Friday, the Foreign Institutional Investors (FII) sold Indian shares worth ₹658.88 crore, while Domestic Institutional Investors (DII) bought shares worth ₹581.85 crore, data from exchanges showed.
Moreover, India's forex reserves dropped by $4.339 billion to $589.138 billion for the week ended May 26, the Reserve Bank said on Friday. In the previous week, the reserves had declined by $6.052 billion to $593.477 billion.
(With PTI inputs)
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