Rupee Pare Gains To Close Flat Against The Dollar

The Indian rupee pared gains to close little changed as concerns that tropical storm Beryl might disrupt oil supplies in the US continued to weigh on sentiments.

The local currency closed little changed at Rs 83.50 against the greenback after opening at Rs 83.45 on Monday, according to Bloomberg. It had closed at Rs 83.49 on Friday.

Brent Crude was at $85.68, and the US Dollar Index was at 104.90.

Brent crude was initially down 0.21% to $86.36 per barrel amid the possibility of a ceasefire agreement in Gaza easing geopolitical tension in the Middle East.

Discussions over a US ceasefire plan to terminate the nine-month-old conflict in Gaza are currently underway, with Qatar and Egypt serving as intermediaries.

However, the possibility of tropical storm Beryl disrupting US oil supplies continues to weigh on sentiments. Ports in Corpus Christi, Houston, Galveston, Freeport, and Texas City were closed on Sunday in anticipation of the hurricane, according to reports by Reuters.

"Brent oil was little changed as investors eyed supply disruptions, with the largest ports in Texas shut before the tropical storm Beryl likely to strengthen into a hurricane and make landfall today," said Anil Kumar Bhansali, head of Treasury and executive director of Finrex Treasury Advisors LLP.