Mumbai: The Indian rupee is trading in a narrow range against the US dollar in initial deals on Monday. The Indian currency is weighed down by significant foreign fund outflows and the strength of the American currency in the overseas market.
At the interbank foreign exchange, the Indian rupee opened at 84.08 against the US dollar. In the initial trade, it touched 84.07, registering a rise of 1 paisa over its previous close. On Friday, the Indian rupee edged lower by just 1 paisa to settle near an all-time low at 84.08 against the US dollar. The local currency touched its lowest closing level of 84.10 against the dollar on October 11.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.28 per cent lower at 104.54. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Friday, as they offloaded shares worth Rs 3,036.75 crore.
Meanwhile, India’s forex reserves dropped by $2.163 billion to $688.267 billion for the week ended October 18. In the previous reporting week, the overall kitty had dropped by $10.746 billion to $ 690.43 billion in one of the largest declines in the reserves in recent times.
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