INR stays subdued amid tight moves; Rising oil prices weigh

The Indian rupee is staying almost flat in tight moves in opening trades on Monday despite weakness in greenback overseas and positive cues from equities. Sharply rising international oil prices are weighing on the local unit. INR opened at Rs 89.45 per dollar and hit a high and low of 89.44 an 89.46 respectively so far during the day. On Friday, rupee dropped 7 paise to settle at 89.43 against the US dollar, tracking a strong greenback and a rise in crude oil prices in the international market. Besides, subdued equity market sentiment and the withdrawal of foreign funds, weighed on the local unit. Local shares gave up early gains to end marginally lower on Friday as traders took profits in key sectors after recent gains to record highs. The benchmark BSE Sensex ended the session down 13.71 points at 85,706.67, erasing morning losses. The broader NSE Nifty index slipped 12.60 points to 26,202.95 while the BSE mid-cap and small-cap indexes ended down around 0.1 percent each.

 

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