Rupee slips 2 paise to 83.54 against dollar

Mumbai: The rupee pared its early gains to close lower by 2 paise at 83.54 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.

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.

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 83.54 against the US dollar, 2 paise lower than its previous close.

The rupee had closed at 83.52 on Friday.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was up 0.34 per cent at 101.06.

Brent crude, the international benchmark, advanced 0.26 per cent to $74.68 per barrel in futures trade.

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.