Mumbai: The Indian rupee traded in a narrow range on Monday against the American currency. As per forex traders, easing crude oil prices and overall weakness in the dollar index supported the rupee. But, the muted trend in domestic equities weighed upon it.
At the interbank foreign exchange market, the local currency moved in a narrow range. It opened at 83.96 against the American currency and touched 83.85 in initial trade. It was later trading at 83.95 against the greenback, unchanged from its previous closing. On Friday, the rupee gained 2 paise to close at 83.95 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 up 0.10 per cent to 101.28 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 620.95 crore.
Meanwhile, India’s forex reserves jumped by Rs 19,295 crore ($2.299 billion) to a new high of Rs 57,40,839 crore ($683.987 billion) for the week ended on August 30. In the previous reporting week, the forex reserves had jumped by Rs 58,946 crore ($7.023 billion) to a high of Rs 57,21,543 crore ($681.688 billion).
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