Mumbai: The Indian rupee appreciated against the US dollar in early trade on Monday. The positive trend in the domestic equity markets and inflow of foreign fund supported the local currency. However, a strong American currency and volatile crude oil prices weighed on the domestic currency.
At the interbank foreign exchange, the domestic currency opened at 83.09, touched the level of 83.04 before trading at 83.06 against the US dollar in initial deals, registering a rise of 9 paise from its previous close. On Friday, the domestic currency settled at 83.15 against the dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.09% higher. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday as they bought shares worth Rs 1,696.86 crore. India’s forex reserves jumped by $2.759 billion to $623.2 billion in the week ended December 29.
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