<p>The rupee gained 15 paise to close at 81.83 (provisional) against the US dollar on Monday, as a sharp jump in India's forex reserves boosted investor sentiments.</p>.<p>At the interbank foreign exchange market, the local unit opened at 82 against the US dollar and moved in a range of 81.82 to 82.04 in day trade.</p>.<p>The rupee closed 15 paise higher at 81.83 (provisional) against the previous close of 81.98 on Friday.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/hdfc-amc-q1-pat-rises-52-pc-to-rs-477-crore-1240222.html">HDFC AMC Q1 PAT rises 52 pc to Rs 477 crore</a></strong></p>.<p>The Indian rupee gained on softening crude oil prices and a sharp jump in India's forex reserves, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.</p>.<p>India's forex reserves swelled by $12.743 billion to $609.022 billion in the week ended July 14, the Reserve Bank of India said on Friday.</p>.<p>The overall reserves had dropped by $2.901 billion to $593.198 billion in the previous reporting week.</p>.<p>In October 2021, the country's forex reserve had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.</p>.<p>However, a weak tone in the domestic markets and a strong US Dollar capped sharp gains. The US Dollar gained amid disappointing PMI data from Europe and the UK which showed activity contracting deeper, Choudhary said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 101.26.</p>.<p>Brent crude futures, the global oil benchmark, advanced 0.74 per cent to $81.67 per barrel.</p>.<p>"We expect the rupee to trade with a slight negative bias on deteriorating global risk sentiments which may support the safe-haven US Dollar and put pressure on riskier currencies," Choudhary said.</p>.<p>Choudhary further said that "risk aversion in global markets and rising concerns over global economic slowdown may also weigh on the rupee.</p>.<p>"However, sustained foreign inflows may support rupee at lower levels. Investors may remain cautious ahead of the FOMC meeting later this week. We expect the USD/INR spot to trade in the range of 81.50 to 82.40 in the near term".</p>.<p>On the domestic equity market front, the 30-share BSE Sensex closed 299.48 points or 0.45 per cent lower at 66,384.78. The broader NSE Nifty fell 72.65 points or 0.37 per cent to 19,672.35.</p>.<p>Foreign institutional investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,998.77 crore, according to exchange data.</p>
<p>The rupee gained 15 paise to close at 81.83 (provisional) against the US dollar on Monday, as a sharp jump in India's forex reserves boosted investor sentiments.</p>.<p>At the interbank foreign exchange market, the local unit opened at 82 against the US dollar and moved in a range of 81.82 to 82.04 in day trade.</p>.<p>The rupee closed 15 paise higher at 81.83 (provisional) against the previous close of 81.98 on Friday.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/hdfc-amc-q1-pat-rises-52-pc-to-rs-477-crore-1240222.html">HDFC AMC Q1 PAT rises 52 pc to Rs 477 crore</a></strong></p>.<p>The Indian rupee gained on softening crude oil prices and a sharp jump in India's forex reserves, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.</p>.<p>India's forex reserves swelled by $12.743 billion to $609.022 billion in the week ended July 14, the Reserve Bank of India said on Friday.</p>.<p>The overall reserves had dropped by $2.901 billion to $593.198 billion in the previous reporting week.</p>.<p>In October 2021, the country's forex reserve had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.</p>.<p>However, a weak tone in the domestic markets and a strong US Dollar capped sharp gains. The US Dollar gained amid disappointing PMI data from Europe and the UK which showed activity contracting deeper, Choudhary said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 101.26.</p>.<p>Brent crude futures, the global oil benchmark, advanced 0.74 per cent to $81.67 per barrel.</p>.<p>"We expect the rupee to trade with a slight negative bias on deteriorating global risk sentiments which may support the safe-haven US Dollar and put pressure on riskier currencies," Choudhary said.</p>.<p>Choudhary further said that "risk aversion in global markets and rising concerns over global economic slowdown may also weigh on the rupee.</p>.<p>"However, sustained foreign inflows may support rupee at lower levels. Investors may remain cautious ahead of the FOMC meeting later this week. We expect the USD/INR spot to trade in the range of 81.50 to 82.40 in the near term".</p>.<p>On the domestic equity market front, the 30-share BSE Sensex closed 299.48 points or 0.45 per cent lower at 66,384.78. The broader NSE Nifty fell 72.65 points or 0.37 per cent to 19,672.35.</p>.<p>Foreign institutional investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,998.77 crore, according to exchange data.</p>