Mumbai: The Indian rupee showed a recovery from its lower level and gained marginally against the US dollar in early trade on Monday. The positive trend in the domestic equity markets and a soft American currency supported the Indian rupee. But, sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local currency.
At the interbank foreign exchange, the Indian rupee opened at 84.06 against the US dollar and stayed almost flat in early deals, trading 1 paisa higher from its previous close. On Friday, the Indian rupee slipped 1 paisa to close at 84.07 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down by 0.05 per cent to 103.25. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Friday, as they offloaded shares worth Rs 5,485.70 crore.
According to RBI data released on Friday, India’s forex reserves declined by $10.746 billion to $690.43 billion for the week ended October 11. In the preceding week, the reserves had dropped by $3.709 billion to $701.176 billion.
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