Mumbai: The Indian currency depreciated against the US dollar in early trade on Monday. The strength of the American currency in the overseas market and elevated crude oil prices weighed upon the Indian currency. But, the positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall.
At the interbank foreign exchange market, the rupee opened at 83.53 and lost further ground to trade at 83.55 against the US dollar in initial deals, registering a fall of 4 paise from its previous closing level. On Friday, the rupee settled at 83.51 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 at 104.21, higher by 0.11 per cent. Meanwhile, India’s forex reserves jumped $5.158 billion to $657.155 billion during the week ended July 5. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday, as they purchased shares worth Rs 4,021.60 crore.
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