Mumbai: The Indian rupee is trading in a narrow range against the US dollar in early trade on Monday. The weak trend in domestic equities and strong American currency weighed upon the domestic currency.
At the interbank foreign exchange market, the local currency moved in a narrow range. It opened at 83.51 against the American currency and touched 83.52 in initial trade, registering a fall of 1 paisa from its previous close. On Friday, the Indian rupee closed at 83.51 against the American currency.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 105.32, higher by 0.02 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday as they offloaded shares worth Rs 2,117.50 crore.
Meanwhile, after three consecutive weeks of drop, India’s forex reserves increased by $3.668 billion to $641.59 billion in the week ended May 3. The overall kitty dropped $2.412 billion to $637.922 billion for the previous week ended April 26.
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