The rupee falls 11 paise in early trade

The rupee fell 11 paise against the US dollar to 76.35 on Monday, March 28, 2022 after domestic stocks fell amid concerns about fresh foreign capital outflows.

A stronger US dollar in the overseas market also impacted market sentiment, forex traders said.

On the interbank foreign exchange exchange, the rupee opened sharply lower at 76.36 against the US dollar, trading in a tight range. It later edged up to 76.35, down 11 paise from the previous close.

In the previous session, the rupee settled at 76.24 against the US dollar.

Global oil benchmark Brent crude futures were down 2.50 percent to $117.63 a barrel.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.31 percent to 99.12.

On the domestic stockmarket front, the 30-stock Sensex was down 444.32 points, or 0.77 percent, to 56,917.88, while the broader NSE Nifty was down 123.65 points, or 0.72 percent, to 17,029.35.

FII’s net seller

Foreign institutional investors remained net sellers in the capital market on Friday as they sold £1,507.37 billion worth of shares, according to stock market data.

Foreign investors have withdrawn £1,14,855.97 billion net from Indian markets year to date amid heightened geopolitical tensions and inflation concerns.

Foreign portfolio investors have sold ₹48,261.65 billion worth of domestic shares so far this month, bringing the annual balance this year to a massive ₹1,14,855.97 billion, according to custody data.

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