Mumbai: The Indian rupee depreciated against the US dollar in the morning session on Monday. Rising crude oil prices, sustained foreign fund outflows and dollar demand from importers weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 83.14 against the dollar, then fell to 83.15, registering a decline of 4 paise from its previous close. On Thursday, the rupee rose 1 paisa to close at 83.11 against the US dollar. The forex market was closed on Friday on account of Republic Day.
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The dollar index, which gauges the US currency’s strength against a basket of six currencies, was trading 0.09 per cent higher at 103.52. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday as they offloaded shares worth Rs 2,144.06 crore. Meanwhile, India’s forex reserves jumped $1.634 billion to $618.937 billion for the week ended January 12.
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