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The Indian rupee was down 22 paise to 79.46 to the dollar (21.65 to the UAE dirham) in early trade on Monday, tracking depressed sentiment in Indian equities.
However, continued foreign inflows into capital markets limited the rupee’s decline, currency traders said.
In Indian interbank foreign exchange, the rupee opened weaker at 79.50 against the dollar before rising to 79.46 in initial trade, down 22 paise from the previous close.
The rupee rose 16 paise to 79.24 against the dollar in the previous session. In initial trade, the rupee traded within a tight range of 79.50 and 79.46.
In Indian equities, 30-share Sensex shares fell 70.74 points or 0.12% to 58,317.19, while broader NSE Nifty lost 24.30 points or 0.14% to 17,373.20.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.05% at 106.57.
Brent crude futures, the global oil benchmark, rose 0.45% to $95.35 a barrel.
Foreign institutional investors remained net buyers in capital markets on Friday, buying stocks worth 16 billion rupees, according to exchange data. Foreign investors continued to be positive on Indian stocks after turning net buyers last month and invested more than Rs 14,000 crore in the first week of August amid a weaker US dollar index.
This is much higher than the net investment of almost Rs 5,000 crore by foreign portfolio investors (FPIs) throughout July, data from the depository showed.
(input from PTI)
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