Mumbai: The Indian rupee witnessed a range-bound trade against the US dollar in initial deals on Monday. As per forex traders, the local currency was weighed down by significant foreign fund outflows and a negative trend in domestic equities.
At the interbank foreign exchange, the Indian rupee opened at 86.70, then touched a high of 86.68 and a low of 86.76 in initial deals amid high volatility. The domestic currency is trading at 86.76, 5 paise lower against its previous close. On Friday, the rupee extended its recovery and settled 21 paise higher at 86.71 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 0.02 per cent lower at 106.68. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,294.69 crore in the Indian capital markets on a net basis on Friday.
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