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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee strengthened against the US dollar. The  easing crude oil prices supported the local currency. But, the sustained foreign fund outflows, negative  trend in the Indian share market and strengthening of the US dollar capped the gain of the domestic currency.

At the interbank foreign exchange, the Indian rupee opened strong at 77.98 against the US dollar. During trading,  it then inched higher to 77.93, registering a rise of 12 paise over the last close. On Friday, the local currency settled  at 78.05, higher by 5 paise.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.30% to 104.38. Foreign institutional investors were net sellers in the Indian equity market as they offloaded shares worth Rs 7,818.61 crore.


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