Mumbai: The Indian rupee rose against the US dollar in early trade on Monday. The weakening of the US currency in the international market and a drop in crude oil prices supported the Indian currency. The increase in the country’s forex reserves to a new all-time high further pushed the domestic currency, according to forex traders. However, growing escalation in conflict in the Middle East and FIIs outflow on Friday capped sharp gains in the domestic currency.
At the interbank foreign exchange, the Indian rupee opened at 83.96 against the US dollar, 3 paise higher from its previous close of 83.99. It then declined 1 paisa to 83.97, higher by 2 paise from Friday’s close.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was marginally down 0.01 per cent to 102.50.
Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday, offloading shares worth Rs 9,896.95 crore on a net basis in the cash segment. India’s forex reserves jumped $12.588 billion to a new all-time high of $ 704.885 billion for the week ended September 27.
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