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Rupee rises 3 paise to 83.37 against US dollar during early trade
The rupee appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market.
An upward movement in crude oil prices, however, weighed on the Indian currency, according to forex traders.
At the interbank foreign exchange market, the local unit opened at 83.39 against the dollar and rose to 83.37, up 3 paise from its previous close.
On Friday, the rupee depreciated 4 paise to close at 83.40 against the US dollar.
Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said that investors will keep a close eye on monetary policy decisions from US Federal Reserve and other central banks to be announced this week.
"... the commentary from the (US Fed) Governor will be important to watch and gauge a view for the major crosses. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USD-INR (spot) to trade