<p>Mumbai: The rupee pared its early gains to close lower by 1 paisa at 83.53 (provisional) against the US currency on Monday, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.</p><p>A decline in India's Services PMI also affected the investor sentiment while gains in domestic equity markets capped losses in the local unit, forex traders said.</p><p>Earlier in the day, the rupee opened at 83.44 against the greenback, 8 paise higher than its previous close. However, it gave up gains during the day to finally settle at 83.53 (provisional) against the US dollar, 1 paisa lower than its previous close.</p>.Sensex, Nifty hit record highs in early trade amid positive market momentum.<p>The rupee had closed at 83.52 on Friday.</p><p>"We expect the rupee to trade with a slight positive bias on positive global equities and fresh FII inflows. However, a recovery in the greenback and elevated crude oil prices may cap sharp upside," Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.</p><p>A decline in India's Services PMI to 58.9 in August from 60.9 in July also contributed to the drop in the rupee, he said.</p><p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.34 per cent at 101.06.</p>.<p>In the domestic equity markets, Sensex jumped 384.30 points to settle at an all-time high of 84,928.61 while Nifty climbed 148.10 points to a record peak of 25,939.05.</p><p>Brent crude, the international benchmark, advanced 0.26 per cent to USD 74.68 per barrel in futures trade.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 14,064.05 crore, according to exchange data.</p><p>"Investors may watch out for US GDP, consumer confidence and core PCE price index data from US this week. We expect USDINR to trade in the range of 83.35-83.75," Choudhary added. </p>
<p>Mumbai: The rupee pared its early gains to close lower by 1 paisa at 83.53 (provisional) against the US currency on Monday, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.</p><p>A decline in India's Services PMI also affected the investor sentiment while gains in domestic equity markets capped losses in the local unit, forex traders said.</p><p>Earlier in the day, the rupee opened at 83.44 against the greenback, 8 paise higher than its previous close. However, it gave up gains during the day to finally settle at 83.53 (provisional) against the US dollar, 1 paisa lower than its previous close.</p>.Sensex, Nifty hit record highs in early trade amid positive market momentum.<p>The rupee had closed at 83.52 on Friday.</p><p>"We expect the rupee to trade with a slight positive bias on positive global equities and fresh FII inflows. However, a recovery in the greenback and elevated crude oil prices may cap sharp upside," Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.</p><p>A decline in India's Services PMI to 58.9 in August from 60.9 in July also contributed to the drop in the rupee, he said.</p><p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.34 per cent at 101.06.</p>.<p>In the domestic equity markets, Sensex jumped 384.30 points to settle at an all-time high of 84,928.61 while Nifty climbed 148.10 points to a record peak of 25,939.05.</p><p>Brent crude, the international benchmark, advanced 0.26 per cent to USD 74.68 per barrel in futures trade.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 14,064.05 crore, according to exchange data.</p><p>"Investors may watch out for US GDP, consumer confidence and core PCE price index data from US this week. We expect USDINR to trade in the range of 83.35-83.75," Choudhary added. </p>