Mumbai: The Indian rupee depreciated against the US dollar in early trade on Monday. As per forex traders, the Indian currency was weighed down by the strength of the American currency in the overseas market and a muted trend in domestic equities.
At the interbank foreign exchange, the Indian rupee opened at 86.35 then fell further to 86.44 against the American currency, registering a decline of 22 paise over its previous close. On Friday, the Indian rupee appreciated 22 paise to close at 86.22 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 at 107.67, higher by 0.21 per cent.
Foreign Institutional Investors (FIIs) offloaded Rs 2,758.49 crore in the Indian capital markets on net basis on Friday. Meanwhile, India’s forex reserves dropped by USD 1.88 billion to USD 623.983 billion in the week ended January 17. Earlier, the overall kitty declined by USD 8.714 billion to USD 625.871 billion in the week ended January 10.
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