Mumbai: The Indian rupee appreciated against the US dollar in early trade on Monday. The weakening of the American currency, declining crude oil prices and sustained foreign fund inflows aided investors’ sentiments and supported the rupee.
At the interbank foreign exchange market, the local currency opened at 83.45 and gained further to 83.44 against the US dollar, registering a rise of 5 paise from its previous close. On Friday, the rupee settled at 83.49 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 104.86, lower by 0.01 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday, as they purchased shares worth Rs 1,241.33 crore.
India’s forex reserves dropped $1.713 billion to $651.997 billion for the week ended June 28. In the previous reporting week, the overall kitty had dropped $2.922 billion to $652.895 billion. The reserves had touched an all-time high of $655.817 billion on June 7 this year.
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