Mumbai: The rupee settled on a flat note on Monday at 83.31 against the US dollar, as the support from positive domestic equities was negated by the strength of the American currency in the overseas market.
Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels, but the strength of the American currency in the overseas market weighed on the local unit and restricted the uptick.
At the interbank foreign exchange market, the local unit opened at 83.27 against the greenback. The unit hit an intra-day high of 83.23 and a low of 83.33.
The local unit finally settled at 83.31 against the dollar, unchanged from its previous close.
On Friday, the rupee appreciated 8 paise to close at 83.31 against the US dollar as the RBI kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row.
India’s foreign exchange reserves increased $2.951 billion to $645.583 billion for the week ended March 29, the RBI said on Friday.
This is the sixth consecutive week of a jump in overall reserves. The kitty had increased by $140 million to $642.631 billion in the previous week.