Mumbai: The Indian rupee appreciated against the US dollar in early trade on Monday. As per forex traders, the local currency was supported by rising forex reserves and healthy capital inflows.
At the interbank foreign exchange, the domestic currency opened at 85.29 against the US dollar, registering a gain of 12 paise over its previous close. On Friday, the rupee settled lower by 8 paise at 85.41 against the US dollar.
Also Read: Commodity Market: Gold price slips down sharply after three days
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.17 per cent at 99.63. Foreign institutional investors (FIIs) bought Indian equities worth Rs 2,952.33 crore on a net basis on Friday.
Meanwhile, India’s forex reserves jumped USD 8.31 billion to USD 686.145 billion for the week ended April 18. This is the seventh consecutive week of a rise in the kitty, which had jumped by USD 1.567 billion to USD 677.835 billion in the previous reporting week ended April 11. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.
Post Your Comments