Mumbai: The Indian rupee declined against the US dollar in early trade on Monday. As per forex traders, the global trade war triggered by the US reciprocal tariff and China’s retaliatory move has influenced investors. A steep decline in crude prices and a weaker American currency failed to support the domestic currency amid the incessant foreign fun outflows in line with the global sell-offs.
At the interbank foreign exchange, the rupee opened at 85.79 and strengthened slightly to trade at 85.63 against the US dollar, registering a loss of 19 paise from its previous closing level. On Friday, the rupee settled 14 paise lower at 85.44 against the US dollar, a day after gaining 22 paise on Thursday.
Also Read: World Boxing Cup 2025: India’s Hitesh Gulia bags gold
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.05 per cent lower at 102.71.Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 3,483.98 crore on a net basis on Friday.
The Reserve Bank of India on Friday said the India’s forex kitty jumped from USD 6.596 billion to USD 665.396 billion during the week ended March 28. In the previous reporting week, the overall reserves rose by USD 4.529 billion to USD 658.8 billion. This is the fourth consecutive week of increase in the reserve.
Post Your Comments