JOIN USRupee ends on a flat note against US dollar
The rupee erased all its intrasession gains to end on a flat note at 75.44 against the US dollar on Tuesday as investors took note of rising crude oil prices and sustained foreign capital outflows.
However, a sharp rebound in domestic equities improved investor sentiment, helping in restricting the rupee slide.
At the interbank forex market, the local unit opened strong at 75.31 against the greenback and witnessed an intra-day high of 75.26 and a low of 75.49.
It finally ended at 75.44 per dollar against the previous close of 75.45, up 1 paisa against the greenback.
"Rupee traded in range between 74.35-74.50 as dollar index traded in range. Capital market positive day on the back of positive updates on Omicron variant helped the rupee to not fall, but rising crude prices will remain a concern for the rupee. Going ahead, rupee can be seen in the range of 74.30-74.75," Jateen Trivedi, Senior Research Analyst at LKP Securities, said.
Brent crude futures, the global oil benchmark, rose two per cent to $74.54 per barrel.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.05 per cent, at 96.37.
On the domestic equity market front, the BSE Sensex ended 886.51 points or 1.56 per cent higher at 57,633.65, while the broader NSE Nifty surged 264.45 points or 1.56 per cent to 17,176.70.
Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,361.28 crore, as per exchange data.
Watch the latest DH Videos here: