Mumbai: Indian rupee ended higher on Monday. At the interbank foreign exchange, the rupee opened at 83.88 against the US dollar, then gained ground and touched 83.84, registering a gain of 11 paise over its previous close. It settled 8 paise higher at 83.87 per dollar. On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency.
As per forex traders, the positive momentum in domestic equities, weakening of the American currency in the overseas market, retreating crude oil prices and fresh foreign fund inflows supported the upward rally of the Indian rupee.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.26 per cent to 102.19. Foreign institutional investors (FIIs) were net buyers in the Indiancapital markets on Friday, as they purchased shares worth Rs 766.52 crore.
Meanwhile, India’s forex reserves dropped by USD 4.8 billion to USD 670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped by USD 7.533 billion to an all-time high of USD 674.919 billion.
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