Commodities
Rupee Slumps as Brent Crude Surges Past $106 per Barrel
The Indian rupee fell by 20 paise to 95.95 against the US dollar in early trade, as the Brent crude futures rose by 2.31% to USD 106.81 per barrel.
According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the rupee is expected to remain within a range of 95.50 to 96.00 due to the RBI's continued holding of the 96.00 mark.
The dollar index traded at 101.11, up 0.15%, while foreign institutional investors (FIIs) offloaded equities worth Rs 3,693.93 crore on a net basis on Friday.
India's forex reserves dropped USD 14.881 billion to USD 765.901 billion during the week ended September 18 due to a fall in foreign currency assets, according to RBI data released on Friday.