MUMBAI: Due to a drop in the price of crude oil and an influx of foreign investors, the Indian rupee strengthened by 14 paise on Wednesday, August 10, to settle at 79.52 against the US dollar.
The rupee concluded the trading session at the interbank foreign exchange market at 79.52 versus the US dollar, down from 79.66 on Monday. On account of Muharram, the Indian financial markets were closed on Tuesday.
As per the Analyst's point of view - The demand for oil and a few exporter flows kept the pair stable. In anticipation of the US inflation news later that evening, traders stayed out of the market.
The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, was at 106.00. By the close of the Indian trading session, Brent crude oil prices were at $95.38.
Sensex fell 35.78 points or 0.06 percent to close at 58,817.29 on the domestic market front, and Nifty gained 9.65 points or 0.06 percent to close at 17,534.75.
On Monday, institutional domestic investors sold shares worth Rs 141 crore and international investors purchased Indian shares worth Rs 1,449 crore.
As investors around the world await keyUS inflation data, world equities were divided on Wednesday. The major Wall Street indices' futures on Wall Street rose between 0.2 to 0.3 percent while the pan-European Stoxx 600 fell 0.2 percent in early trade in Europe.