Mumbai: The Indian rupee opened on a flat note against the US dollar on Monday. As per forex traders, disappointing macroeconomic data and a negative trend in domestic equities weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 84.59 and moved in a tight range and touched 84.58 against the US dollar, registering a gain of just 2 paise over its previous close. The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.52 per cent at 106.28.
Also Read: Foreign exchange reserves of India decline to $ 656.58 billion
India’s forex reserves dropped $1.31 billion to $656.582 billion for the week ended November 22. The reserves had dropped a record $17.761 billion to $657.892 billion in the previous reporting week ending November 15.
Meanwhile, the central government’s fiscal deficit at the end of the first seven months of the current financial year touched 46.5 per cent of the full-year target. The deficit stood at 45 per cent of the budget estimates in the corresponding period last year.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 4,383.55 crore.
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