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The Indian Rupee was under pressure and closed flat against the US dollar amid likely foreign inflows in equity markets with on-going initial public offerings (IPOs).
The domestic currency closed flat at 88.79 against the greenback on Monday after opening three paise higher, according to Bloomberg. The currency fell 3.71 per cent so far this year, while it hit an all-time low of 88.80 last week.
Tata Capital launched its IPO for subscription on Monday, aiming to raise up to ₹15,511.90 crore, the largest issue in the non-banking financial sector this year. The offering will be followed by the IPO of LG Electronics Inc.’s India unit on Tuesday, which plans to raise ₹11,600 crore.
Together, the two major listings will make for an active week in the primary market, with IPOs worth over ₹27,000 crore lined up for launch.
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Over the past year, the rupee has weakened by more than 5 per cent, pressured by US policy moves, trade tensions and global uncertainties, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said.
The outlook for the dollar looks bullish, and it is a matter of time before the Reserve Bank of India (RBI) stops pursuing the level of 88.80 and leaves it for the currency pair to head higher, Bhansali said. "The ongoing US-India trade tensions have been weighing on the rupee and shall continue to weigh till a solution is arrived at."
Meanwhile, the dollar index traded higher as uncertainties around the US government shutdown increased. The measure of the greenback against a basket of six major currencies was up 0.73 per cent at 98.43.
In commodities, crude oil prices rose as Israel and Hamas are set to meet in Egypt to discuss a possible swap of Israeli hostages for Palestinian prisoners. Brent crude price was up 1.77 per cent at 65.67 per barrel, while WTI crude prices were higher by 1.82 per cent at 61.99 per barrel, as of 3:45 PM IST.
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