Mumbai: The Indian rupee appreciated against the US dollar and UAE dirham in early trade on Monday. The bullish trend in the domestic equities supported the upward rally of the Indian currency.
At the interbank foreign exchange, the Indian currency opened at 82.82 and touched 82.77 against the US dollar in initial trade, registering a rise of 18 paise from its previous close. It is trading at 22.99 against the UAE dirham. On Friday, the Indian rupee strengthened for the eighth consecutive session to settle with a gain of 6 paise to 82.95 against the US dollar.
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The he dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 102.35. US stock exchanges are closed on Monday on account of Martin Luther King, Jr. Day.
Foreign Institutional Investors (FIIs) were net sellers in the Indian equity market on Friday as they offloaded shares worth Rs 340.05 crore. India’s retail inflation soared to a four-month high of 5.69 per cent in December, while industrial production fell to an eight-month low of 2.4 per cent in November.
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