Mumbai: The Indian rupee opened stronger on Monday and traded below the 87 mark against the US dollar. The Rupee extended its gains to over 0.7 per cent in March, thus far, after seeing five consecutive months of decline. The dollar index — a measure of the value of the US dollar relative to a basket of foreign currencies — was down 0.03 per cent, extending the monthly fall to over 3.6 per cent, the highest since November 2022.
At the interbank foreign exchange, the rupee opened at 86.90 against the US dollar, then gained some ground and touched 86.80 against the American currency, up 25 paise from its previous close.On Thursday, the rupee surged 17 paise to settle at 87.05 against the US dollar.
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Meanwhile, the US dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.01 per cent lower at 103.70. Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 792.90 crore on net basis on Thursday. Meanwhile, the India’s foreign exchange reserves increased by USD 15.267 billion to USD 653.966 billion during the week ended March 7. The overall reserves had dropped by USD 1.781 billion to USD 638.698 billion in the previous week.
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