Mumbai: The Indian rupee appreciated against the US dollar in early trade on Monday. As per market experts, positive domestic equities and weakening of the US currency supported the local currency.
At the interbank foreign exchange, the domestic currency opened at 83.17 against the US dollar and then touched an early high of 83.15, registering a gain of 5 paise over its previous close. On Friday, the Indian rupee settled at 83.20 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.03%t higher at 105.05.Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday as they sold shares worth Rs 12.43 crore.
Meanwhile, India’s foreign exchange reserves increased $2.579 billion to $586.111 billion in the week ended October 27, the Reserve Bank of India said on Friday.
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