Mumbai: The Indian rupee gained in early trading on Monday. The Indian currency continued its upside momentum from the previous session. As per market experts, positive trend in the domestic equities, fresh foreign fund inflows and decline in crude oil prices supported the upward rally of the Indian currency. But, the strengthening of the US dollar in overseas markets weighed on the local currency and restricted the up move.
At the interbank foreign exchange market, the local currency opened at 83.27 against the US dollark. It later touched 83.23 in initial trade, higher 8 paise from its previous close. On Friday, the rupee appreciated 8 paise to close at 83.31 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.05 per cent higher at 104.34.
Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday as they purchased shares worth Rs 1,659.27 crore. India’s foreign exchange reserves increased by $2.951 billion to $645.583 billion for the week ended March 29.
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