The Indian rupee appreciated by 5 paise against the US dollar to 83.39 in early trading on Monday, buoyed by a positive trend in domestic stocks. Forex traders attribute the uptick to a retreat in the US dollar and crude oil prices. The rupee’s pullback may also be influenced by RBI intervention, as forex reserves decreased after weeks of consecutive growth. Despite this, overall reserves remain robust. Analysts anticipate continued RBI vigilance amidst fluctuating market dynamics, while domestic equities and foreign investors drive market sentiment positively.
Rupee Strengthens Against Dollar, Supported by Equities
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