New Delhi, Jan 8 (KNN) On January 8, 2024, the Indian rupee gained 9 paise against the US dollar, reaching 83.06 in early trade due to positive domestic equity markets and foreign fund inflow.

However, the rupee faced challenges from a strong US dollar and fluctuating crude oil prices. The domestic currency opened at 83.09, touched 83.04, and settled at 83.06 against the dollar, marking a 9 paise increase from its previous close of 83.15 on Friday.

The dollar index, measuring the greenback's strength against six currencies, was slightly up at 102.22 on Monday.

Brent crude futures, the global oil benchmark, decreased by 1.12 per cent to USD 77.88 per barrel. In the Indian stock market, the BSE Sensex rose by 0.10 per cent, and the NSE Nifty increased by 0.12 per cent.

Foreign Institutional Investors (FIIs) were net buyers on Friday, purchasing shares worth Rs 1,696.86 crore.

The HSBC India Services PMI Business Activity Index surged from 56.9 in November to 59 in December, indicating a substantial rise in output.

The country's forex reserves also saw an increase of USD 2.759 billion, reaching USD 623.2 billion in the week ending December 29, as reported by the Reserve Bank on Friday.

(KNN Bureau)