Global oil benchmark Brent futures fell 2.17% to $109.32 a barrel
Recovering from its record low, the Indian rupee edged up nine paise to 78.23 against the US dollar (21.31 against the UAE dirham) in early morning trading on Thursday.
At the Indian Interbank Exchange, the Rupee opened at 78.26 against the US Dollar, then rose slightly to quote at 78.23, registering a rise of nine paise from the previous close.
On Wednesday, the rupee fell 19 paise to an all-time low of 78.32 against the US dollar.
Meanwhile, the dollar index, which gauges the strength of the greenback against a basket of six currencies, was trading down 0.05% at 104.14.
“The Indian rupee opened stronger against the dollar on Thursday morning, following a further decline in crude oil prices,” said Sriram Iyer, senior research analyst at Reliance Securities.
Global benchmark Brent crude oil futures fell 2.17% to $109.32 a barrel.
Meanwhile, according to the minutes of the last meeting of the Monetary Policy Committee (MPC) published on Wednesday, the six members of the MPC, including the Governor of the RBI, expressed concern over continued inflation. high and stressed that the central bank would strive to bring the rate of price increases down to the target range.
READ ALSO :
On the Indian stock market front, the 30-stock Sensex traded 305.1 points or 0.59% higher at 52,127.63, while the broader NSE Nifty advanced 95.00 points or 0, 62% at 15,508.30.
Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth 29.2 billion rupees, according to stock market data.
(With PTI entries)