Mumbai: The Indian rupee gained against the US dollar and the UAE dirham in the early trade on Monday. Weakening of the American currency against major rivals overseas, positive sentiment in the Indian equity markets and sustained inflow of foreign funds in the domestic capital markets supported the Indian rupee. But, the local currency was weighed down by an upward movement in the crude oil prices.
At the interbank foreign exchange, the domestic currency opened at 82.86 and slipped further to trade at 82.87 against the American currency, registering a gain of 4 paise from its previous close. The Indian rupee is trading at Dh22.5 against the UAE dirham. The UAE currency is pegged to the dollar. On Friday, the Indian rupee settled 2 paise lower at 82.91 against the US dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, fell by 0.01 per cent to 103.79. India’s forex reserves jumped by $ 2.975 billion to $ 619.072 billion for the week ended February 23. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose from 56.5 in January to 56.9 in February. Foreign institutional investors (FIIs) were net buyers in the Indian capital markets on Friday as they bought shares worth Rs 128.94 crore.
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