Mumbai: The Indian rupee gained against the US dollar in early trading on Monday. As per forex traders, the rupee’s rise was stoked by a weak U.S. currency in the global market, lower crude oil prices and a healthy inflow of foreign funds.
In the interbank foreign exchange market, the rupee opened at 85.43 and slowly gained ground, reaching a bid of 85.41, a rise of 16 paise against its previous close of 85.57.
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The dollar index, which measures the dollar’s strength relative to six major currencies, moved down 0.28% to 100.81.
Foreign institutional investors (FIIs) bought Indian equities worth Rs 8,831.05 crore on Friday. India’s foreign exchange reserves have also risen by $4.553 billion to $690.617 billion for the week ending May 9. Last week, total reserves declined by $2.065 billion, bringing total reserves to $686.064 billion.
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