Rupee's Six-Day Winning Streak Ends Amid Strengthening Dollar and Rising Crude Prices

The rupee ended its six-day gaining streak, closing 2 paise lower at 83.54 against the US dollar on Monday, influenced by a stronger dollar in international markets and higher crude oil prices. A drop in India's Services PMI and gains in domestic equity markets also impacted investor sentiment.

The rupee ended its six-day gaining streak, closing 2 paise lower at 83.54 against the US dollar on Monday. This drop was attributed to a strengthening dollar in the international markets and a rise in crude oil prices.

Additionally, a decline in India's Services PMI further affected investor sentiment, although gains in domestic equity markets helped limit losses. The rupee had earlier opened at 83.44 against the greenback, 8 paise higher than the previous close, but it couldn't maintain its early gains.

Forex traders also noted that the dollar index, which measures the greenback's strength against six major currencies, rose by 0.34 per cent to 101.06. Meanwhile, domestic markets saw Sensex hit an all-time high of 84,928.61, and Nifty reached a record peak of 25,939.05.