Mumbai: The Indian rupee depreciated against the US dollar in early trade on Monday. The strengthening of the American currency and rising crude oil prices in the international market weighed upon the Indian currency. However, positive trend in the Indian domestic equity markets and inflow of foreign funds supported the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 83.03 against the dollar and is trading at 83.02, down 4 paise over its previous close. The rupee settled flat at 82.98 against the dollar on Friday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.11 per cent higher at 103.89. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday as they purchased shares worth Rs 70.69 crore. India’s forex reserves increased $591 million to $616.733 billion for the week ended January 26.
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