Mumbai: The Indian rupee is trading in narrow range against US dollar on Monday. The negative trend in domestic equities, rising crude oil prices, foreign fund outflows, widening trade deficit and strong American currency weighed upon the local currency.
India’s exports declined by 6.86% to $34.48 billion in August. Imports too declined by 5.23% to $58.64 billion.Meanwhile, India’s forex reserves dropped by $4.992 billion to $593.904 billion for the week ended September 8.
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At the interbank foreign exchange, the Indian rupee opened at 83.09 against the US dollar, registering a rise of 7 paise over its previous close. On Friday, the Indian rupee fell 13 paise to settle at 83.16 against the US dollar.
The dollar index, which gauges the US dollar’s strength against a basket of six currencies, fell 0.04% to 105.27. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital market on Friday as they purchased shares worth Rs 164.42 crore.
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