Mumbai: The Indian rupee witnessed range-bound trading against the US dollar in early trade on Monday. The strengthening of the American currency in the overseas market, negative trend in the domestic equity market and elevated crude oil prices weighed on the local currency and restricted the upmove.
At the interbank foreign exchange market, the local currency opened at 83.52 and gained further to trade at 83.45 against the US dollar in initial deals, registering an increase of 12 paise from its previous closing level. On Friday, the rupee hit the lowest level of 83.63 but finally settled at 83.57 against the dollar, registering a gain of 4 paise from its previous close.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.03 per cent higher at 105.82. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday, as they offloaded shares worth Rs 1,790.19 crore. Meanwhile, India’s forex reserves dropped by USD 2.922 billion to USD 652.895 billion for the week ended June 14.
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