The Indian rupee dropped below the psychologically low level of 80 before provisionally settling down by 15 paise at 79.97 against the US dollar on Monday due to a surge in crude oil prices and continuous outflows of foreign funds.

At the interbank foreign exchange market, the local currency started out at 79.76 versus the dollar but eventually dropped to the psychologically unstable level of 80.00. The local unit gained some lost ground and decreased by 15 paise over its previous close to close at 79.97. Last weekend,  Friday, the rupee recovered from the near-80 levels to close 17 paise higher at 79.82 against the US dollar.

The  dollar index, which measures the strength of the dollar against a basket of six different currencies, was down 0.50 percent at 107.52. Brent crude poil futures, the global oil benchmark, surged 2.06% to USD 103.24 per barrel.

On the Indian sharemarket front, the BSE Sensex closed 760.37 points, or 1.41 percent, higher at 54,521.15 on the domestic equities market, while  the NSE Nifty fell 229.30 points, or 1.43 percent, to 16,278.50.

According to exchange data, foreign institutional investors continued to be net sellers on Friday in the capital market, selling shares worth Rs1,649.36 crore.

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