Mumbai: The Indian Rupee depreciated against the US dollar in early trade on Monday. The negative trend in the Indian equity market sentiment, sustained outflow of foreign funds, rising crude oil prices and a strong US dollar against major overseas rivals due to its increased demand from importers at the month end put pressure on the local currency . As per forex traders, investors showed muted participation awaiting cues from domestic manufacturing PMI (Purchasing Manager’s Index) numbers to be released this week.
At the interbank foreign exchange, the local currency opened at 83.72 and slipped further to 83.75 against the American currency, registering a loss of 6 paise from its previous close. On Friday, the Indian rupee fell 3 paise to settle at 83.69 against the American currency.
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Meanwhile, the dollar index, which gauges the US dollar ‘s strength against a basket of six currencies, rose 0.07 per cent to 100.17. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday as they offloaded shares worth Rs 1,209.10 crore.
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