Image Source: Agencies

The rupee fell 6 paise to 83.18 (provisional) against the US dollar on Monday amid sharp declines in local stocks and a rise in US Treasury yields to 5 percent. According to traders of foreign exchanges, the drop in crude oil prices and the stability of the dollar in foreign markets helped to slow down the fall of the rupee.
In the interbank foreign exchange market, the local unit opened lower at 83.13 and was tight against the greenback during the day in a range of 83.19 to 83.09.
The local unit ended at 83.18 (provisional), reflecting a loss of 6 paise at the last close.
On Friday, the rupee fell to 83.12 against the US dollar. Analysts said a tightening of US bonds amid the threat of a wider conflict in the Middle East weighed on emerging currencies and riskier assets. The US 10-year Treasury yield was at 5% on Friday.
Increased fear of long-term high interest rates is fueling a continued rise in US 10-year yields, said Vinod Nair, head of research at Geojit Financial Services.

Meanwhile, the dollar index, which measures the dollar's strength against a basket of six currencies, retreated from overnight highs and was almost unchanged at 106.21.

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Crude oil prices fell on Monday, as the benchmark Brent crude fell 0.23 percent to $91.95 a barrel. In the domestic stock market, the Sensex gained 825.74 points or 1.26 percent to reach 64,571.88 points. The Nifty was down 260.90 points, or 1.34 percent, at 19,281.75.
Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian stocks so far, mainly due to the continued rise in US bonds and the uncertain environment due to the Israel-Hamas conflict.