Mumbai: The Indian rupee failed recover from its all-time low level and opened flat against the US dollar in early trade on Monday. As per forex traders, strengthening of American currency and sustained outflow of foreign funds weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened at 85.02 and slipped to its previous session’s closing level of 85.04 against the US dollar. On Friday, the rupee saw some recovery from its all-time low level and settled 9 paise higher at 85.04 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 0.13 per cent at 107.49.
Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday, as they offloaded shares worth Rs 3,597.82 crore. The latest RBI data showed India’s forex reserves dropped by $1.988 billion to $652.869 billion for the week ended December 13. In the preceding week, the overall reserves had dropped by $3.235 billion to $654.857 billion.
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