Mumbai: The Indian rupee is trading in narrow range against the US dollar in early trade on Monday. As per market experts, the strengthening of the US currency, sustained foreign fund outflows and negative trend in domestic equities weighed upon the Indian currency.
At the Interbank foreign exchange, the Indian currency opened 1 paise lower at 83.26 a dollar. On Friday, the Indian rupee settled at 83.25 a dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.03% higher at 106.59O.
Meanwhile, India’s forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20. Foreign Institutional Investors (FIIs) sold Indian shares worth Rs 1,500.13 crore on Friday.
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