Rupee gains 15 paise to end at 72.37 against USD amid easing oil prices

This was also driven by foreign fund inflows

The rupee appreciated 15 paise to close at 72.37 against the US dollar on Monday, driven by foreign fund inflows and easing crude oil prices.

However, subdued sentiment in the domestic equity markets and a moderately strong dollar overseas weighed on the rupee, forex dealers said.

At the interbank forex market, the local unit opened at 72.47 against the greenback and gained further to touch an intra-day high of 72.34.

It finally ended at 72.37 against the American currency, registering a rise of 15 paise over its previous close.

In the previous session, the rupee had settled at 72.52 against the American currency.

"Foreign portfolio investors (FPIs) have bought close to a net USD 2.5 billion worth of Indian equities so far this month. FPIs bought a net USD 179.40 million as of March 18, 2021. For the month of March, FPIs were net buyers of a total of USD 2.454 billion," according to Reliance Securities.

Global oil benchmark Brent crude futures fell 0.46 per cent to USD 64.23 per barrel.

Foreign institutional investors were net buyers in the capital market on Friday as they bought shares worth Rs 1,418.43 crore, as per exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 91.97.

On the domestic equity market front, the BSE Sensex slipped 86.95 points or 0.17 per cent to close at 49,771.29, while the broader NSE Nifty ended lower by 7.60 points or 0.05 per cent at 14,736.40.