Mumbai: The Indian rupee fell against the US dollar in early trade on Monday. As per forex traders, sustained foreign fund outflows, muted trend in domestic equities and dollar demand from importers and foreign banks weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 84.70 against the US dollar, then touched 84.73 in the initial trade, registering a fall of 7 paise. On Friday, the Indian rupee appreciated by 5 paise to settle at 84.66 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 trading higher by 0.08 per cent at 106.14.
Foreign Institutional Investors (FIIs) offloaded Rs 1,830.31 crore in the Indian capital markets on net basis on Friday. Meanwhile, India’s forex reserves increased by $1.51 billion to $658.091 billion for the week ended November 29. The overall reserves had dropped by $1.31 billion to $656.582 billion in the previous reporting week.
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