Mumbai: The Indian currency appreciated against the US dollar in early trade on Monday. The firm trend in domestic equities supported the Indian rupee. But, the strength of the American currency in the overseas market and foreign fund outflows weighed on the local currency and restricted the up move.
At the interbank foreign exchange market, the local currency opened at 83.43 against the US dollar. It later touched 83.42 in initial trade, registering a rise of 3 paise from its previous close. On Friday, the Indian rupee inched up 1 paisa to settle at 83.45 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 105.16, higher by 0.13 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday, as they offloaded shares worth Rs 2,391.98 crore. Meanwhile, India’s forex reserves dropped $ 2.412 billion to $ 637.922 billion as on April 26.
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