Mumbai: The Indian rupee gained against the US dollar in early trade on Monday. The positive trend in domestic equities supported the Indian currency. However, sustained foreign fund outflows and strengthening of the American currency in the overseas market dented investor sentiments.
At the interbank foreign exchange, the domestic currency opened at 82.73, then touched a high of 82.71 against the American currency, registering a rise of 10 paise over its last close. On Friday, the Indian rupee had settled at 82.81 against the US dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, rose 0.14% to 102.16.
Meanwhile, India’s forex reserves dropped by $3.165 billion to $603.87 billion in the week ended July 28. This is the second consecutive weekly drop in the reserves. The Foreign institutional investors (FIIs) sold Indian shares worth Rs 556.32 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 366.61 crore.
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