According to early trade reports on Monday,the price of rupee has fallen against the dollar price.The current value of INR stands at 73.16 which is 14 paise lower than the previous day. This is consequences of rising crude oil prices and the strengthening of dollar in the overseas market.
At the inter bank Forex market, the domestic unit opened at 73.13 against the US dollar, then fell further to 73.16 against the American currency, registering a decline of 14 paise over its previous close.
On Friday, the rupee had settled at 73.02 against the American currency.
“Brent crude has firmed over USD 70/barrel, while US 10-year benchmark continues to harden this Monday and could weigh on sentiments,” Reliance Securities said in a research note.
Brent crude futures, the global oil benchmark, rose 2 per cent to USD 70.75 per barrel.
However, foreign fund inflows into the equity markets, along with corporate dollar flows could cap depreciation bias, the note added.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 544.62 points higher at 50,949.94, and the broader NSE Nifty advanced 159.25 points to 15,097.35.
Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 2,014.16 crore on Friday, according to exchange data.