USD/INR at Closed 71.16 against its opening at 70.89. USD/INR closed up on likely FII outflow from local stocks, and oil bids USD/INR rebounded during afternoon trades Thursday on buying by foreign banks on behalf of overseas fund outflows from the local stocks amid higher Brent prices.
Rupee depreciated against dollar on buying by foreign banks likely on behalf of overseas investors who pulled out of local stocks. Also dollar is strong after US inflation data released on Wednesday and Brent is moving towards $64/barrel.
Dollar/rupee in the offshore market traded up during afternoon trades on Thursday tracking the spot pair. Dollar/rupee in the non-deliverable forward market maturing in one month traded at Rs 71.15 during European traded.
On monthly basis, the index remained unchanged at 0.2% in January. Consumer price index (CPI) monthly data released by the US department of labour statistics remained unchanged in January.
Adding to that, Brent crude oil prices surged as Saudi Arabia said it would cut crude exports and deliver deepar cuts in production.Brent crude oil futures for April delivery surged by 0.36% at $63.84 a barrel on Thursday.
Sensex, Nifty provisionally closes down 108 and 33 points with 18 and 30 components in the red Respectively.