Mumbai: The Indian rupee entered its third week of rally and appreciated against the US dollar in early trade on Monday. The positive momentum in domestic equity markets and sustained inflow of foreign funds supported the upward rally of the Indian currency. However, surging crude oil prices and strengthening of US dollar k against major overseas rivals capped a sharp rise in the Indian currency.
At the interbank foreign exchange market, the Indian currency opened at at 83.44 and fell to 83.49 before trading again at 84.46 against the American currency, registering a gain of 6 paise higher than its previous closing level. The local currency gained 13 paise to settle at 83.52 against the US dollar on Friday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was up by 0.07 per cent to 100.49. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday, as they purchased shares worth Rs 14,064.05 crore. India’s forex reserves rose by $223 million to a new all-time high of $689.458 billion.
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