Rupee Gains 6 Paise Against U.S. Dollar in Early Trade

Story Highlights
  • Rupee stood at 78.24 against the US Dollar on Monday.
  • A gain of 6 per cent was observed.

At the interbank foreign exchange, the rupee on Monday opened sharply at 78.24 against the US Dollar registering a gain of 6 paise over the last fall.

However, elevated crude prices and persistent foreign fund outflows restricted the rupee’s gain, Forex dealers said.

In the previous session, the rupee had closed at its all-time low of 78.33 against the U.S. dollar. Meanwhile, the global oil benchmark Brent crude futures rose 0.57% to $113.77 per barrel.

The Indian rupee has weakened by about 5% over the course this year so far, in response to domestic and global factors. A sharp depreciation has been recorded since the war broke out between Russia and Ukraine. The Reserve Bank of India since then has been intervening in the foreign exchange markets aggressively, trying to slow the pace of the fall.

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