Mumbai: The Indian rupee appreciated against the US dollar in early trade on Monday. The weakening of the US currency in the overseas market and slipping crude oil prices supported the upward rally of the Indian currency.
At the interbank foreign exchange market, the local currency opened at 83.40 against the US dollar. During trading, it touched 83.39, registering a rise of 5 paise from its previous close. On Friday, the Indian rupee appreciated 8 paise to close at 83.44 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading at 106.07, lower 0.07 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday as they purchased shares worth Rs 129.39 crore. India’s forex reserves dropped by $5.401 billion to $643.162 billion for the week ended April 12. The overall reserves increased $2.88 billion to a new high of $648.562 billion in the previous reporting week.
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