Coins and bills of the Indian rupee
Image courtesy of iStock Photo
The Deccan Herald has recently reported that the Indian rupee trailed the US dollar by 9 paise to 74.13 in opening trade on Tuesday after a positive trend in domestic equities, but dealers of foreign exchange cited flight of foreign capital, a strong dollar overseas, and higher crude prices as hindrance to the rise of the rupee.
The Indian rupee beat the dollar at 74.12 at the interbank foreign exchange, only to weaken slightly to quote 74.13, a rise of 9 paise over its previous close.
The Indian rupee had beaten the US dollar by 74.22 on Monday.
BSE Sensex and the broader NSE Nifty respectively grew by 45.14 points or 0.08 per cent higher at 55,600.93 and 19.65 points or 0.12 per cent to 16,516.10 on the front of the market on domestic equity.
The index of the dollar that contends with six currencies grew from 0.08 per cent to 93.04.
Futures on crude from the global benchmark of oil Brent soared by 0.33 per cent to USD 68.98 per barrel.
Foreign institutional investors still sold in the capital market on Friday as they offloaded shares worth 1,363,360,000,000 Indian rupees, from the data of exchange.
Meanwhile, Nirmala Sitharaman, Indian minister of finance, unveiled on Monday the National Monetisation Pipeline or NMP worth 6 trillion Indian rupees that encouraged private companies to work on trains for passengers, stations on railways, airports, roads, and stadiums.
Abhaya Agarwal, partner for infrastructure practice at EY India, said that an NMP to monetize 6 trillion Indian rupees of brownfield assets on infrastructure across sectors in four years can reassure investors by clarifying the number, size, and type of assets to be available in the market.