Mumbai: The Indian rupee appreciated against the US dollar and UAE dirham on Monday. Weakening of the American currency in the international market and a positive trend in domestic equities supported the rupee, while high crude oil prices limited its rise.
The rupee by 4 paise to 83.06 against the US dollar (Dh22.63), influenced by, with benchmark indices reaching new peaks.
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At the interbank foreign exchange market, the Indian rupee opened at 83.08 and strengthened to 83.06 against the US dollar, marking a 4 paise gain from its previous close. It is trading at 22.63 against the UAE dirham. On Friday, the rupee had rallied for the fourth straight session. On Friday, the Indian currency settled with a sharp gain of 19 paise at 83.10 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.70, lower by 0.02 per cent. On the domestic macroeconomic front, India’s forex reserves jumped $ 4.549 billion to a new all-time high of $ 648.7 billion for the week ended May 17.This is the third consecutive week of increase in the overall kitty, which had increased by $ 2.561 billion to $ 644.151 billion in the previous reporting week ended May 17. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday, as they offloaded shares worth Rs 944.83 crore.
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