Mumbai: The Indian rupee appreciated by 8 paise to close at 83.87 against the US dollar on Monday, supported by a weak US dollar and a decline in crude oil prices.
Forex traders said fresh foreign fund inflows boosted investor sentiments.
At the interbank foreign exchange, the rupee opened at 83.88 against the greenback, then gained ground and touched an intra-day high of 83.84, and a low of 83.93 against the American currency.
The local currency finally settled for the day at 83.87 up 8 paise against the American currency.
On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency. Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84-mark.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.28 per cent to 102.17.
Meanwhile, India’s forex reserves dropped $4.8 billion to $670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped $7.533 billion to an all-time high of $674.919
billion.