Mumbai: The Indian rupee opened in narrow range against US dollar in initial trade on Monday. . Market participants are awaiting cues from the Indian CPI inflation and IIP numbers scheduled to be released later in the day.
At the interbank foreign exchange, the rupee opened at 83.95 against the US dollar and traded in a tight range. In initial trade it touched 83.96, registering a fall of 1 paisa over its previous close. On Friday, the rupee settled for the day higher by 2 paise at 83.95 against 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 0.08 per cent higher at 103.22.Foreign institutional investors (FIIs) were net buyers in the Indian capital markets on Friday as they purchased shares worth Rs 406.72 crore. Meanwhile, India’s forex reserves jumped by USD 7.533 billion to a new record high of USD 674.919 billion for the week ended August 2.
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