The domestic currency, the Indian rupee has appreciated against the US dollar in the forex market. At the Interbank forex market, the Indian rupee opened lower against the US dollar. The Indian rupee opened 73.80 against the US dollar, 1 paise lower. Later the Indian rupee gained and reached at 73.76 against the US dollar, higher by 3 paise. On Friday, the Indian rupee had settled at 73.79 against the US dollar.
Meanwhile, the weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed that the forex reserves of the country had declined. The forex reserves was down at $574.8 billion on December 4.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).