Mumbai: The Indian rupee appreciated against the US dollar in early trade on Monday. Sustained foreign funds inflow and retreating crude oil prices in the overseas market supported the upward rally of the Indian currency. Meanwhile, subdued equity market sentiment and strengthening American currency weighed on the domestic currency. Investors also adopted cautious approach ahead of inflation and other macroeconomic data to be released in India as well as in the US later this week.
At the interbank foreign exchange, the local currency opened at 82.88 and slipped further to 82.89 against the US dollar, registering a gain of 2 paise from the previous close. On Friday, the Indian rupee settled 6 paise lower at 82.91 against the US dollar.
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The dollar index, which gauges the US currency’s strength against a basket of six currencies, was 0.06 per cent higher at 103.92. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday as they purchased worth Rs 1,276.09 crore. India’s forex reserves declined $5.24 billion to $617.23 billion for the week ending February 9.
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