Besides, the greenback’s weakness against a few currencies overseas and easing crude prices gave some support to the local unit.
The Indian rupee opened higher at 73.30 against the US dollar on Monday amid fresh dollar selling by exporters and a firm domestic equity market. Currently, the local currency is trading higher by 12 paise at 73.36 against the American greenback.
Besides, the dollar’s weakness against a few currencies overseas and easing crude prices gave some support to the local unit.
On Friday, the Indian currency had depreciated by 20 paise to close at 73.47 against the US dollar. This was due to a strengthening greenback and sustained foreign capital outflows.
Meanwhile, India’s foreign exchange reserves dropped $942mn to $393.523bn in the week to October 19, as per the Reserve Bank of India (RBI) data.
The RBI reference rate for the dollar stood at Rs73.37, while for the euro it was at Rs83.40. The RBI’s reference rate for the yen stood at Rs65.41; while the reference rate for the British pound sterling was at Rs94.05.
Besides, the dollar’s weakness against a few currencies overseas and easing crude prices gave some support to the local unit.
On Friday, the Indian currency had depreciated by 20 paise to close at 73.47 against the US dollar. This was due to a strengthening greenback and sustained foreign capital outflows.
Meanwhile, India’s foreign exchange reserves dropped $942mn to $393.523bn in the week to October 19, as per the Reserve Bank of India (RBI) data.
The RBI reference rate for the dollar stood at Rs73.37, while for the euro it was at Rs83.40. The RBI’s reference rate for the yen stood at Rs65.41; while the reference rate for the British pound sterling was at Rs94.05.
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