Mumbai: The Indian rupee recovered from its all-time low level and appreciated against the US dollar in early trade on Monday. The weakening of the American currency from its elevated level, and foreign fund inflows supported the rupee .
At the interbank foreign exchange market, the local currency opened at 83.66, touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 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 104.29, lower by 0.10 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indiancapital markets on Friday as they purchased shares worth Rs 1,506.12 crore.
On the macroeconomic front, India’s forex reserves jumped by $9.699 billion to an all-time high of $666.854 billion for the week ended July 12.In the previous reporting week, the kitty had increased by $5.158 billion to $657.155 billion, surpassing the previous high of $655.817 billion for the week ended June 7.
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