Mumbai: The Indian rupee fell against the US dollar in early trade on Monday. A muted trend in domestic equities, dollar demand from importers and foreign banks and elevated crude oil prices weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 84.83 against the US dollar, registering a fall of 3 paise over its previous close. On Friday, the Indian rupee rebounded from its all-time low level and settled with a gain of 8 paise at 84.80 against the US dollar. Over the past week, the Indian rupee faced depreciation following the Reserve Bank of India’s announcement of leadership transition.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.13 per cent at 106.86.
Meanwhile, foreign Institutional Investors (FIIs) invested Rs 2,335.32 crore in the Indian capital markets on net basis on Friday. India’s forex reserves dropped by $3.235 billion to $654.857 billion for the week ended December 6. In the previous reporting week, the reserves had increased by $1.51 billion to $658.091 billion, ending a multi-week decline in the overall kitty.
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