The rupee fell 8 paise to 95.25 against the US dollar in early trade on Monday, weighed down by a stronger greenback and a rise in global crude oil prices.
However, FII inflows and a rise in the country’s forex reserves capped a sharper fall in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 95.18 before slipping further to 95.25, down 8 paise from its previous close.
The rupee settled with a 5 paise gain at 95.17 against the US dollar on Friday.
“Overall, USD/INR remained range-bound around 95.20-95.30, with the rupee ending the session (on Friday) marginally stronger. Strong forex reserves also provided confidence and limited dollar-demand pressure,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
“Exporters may sell upticks up to 95.40 on Monday while importers are likely to buy dips at 95. Traders will keep a close watch on developments in West Asia as well as the Reserve Bank of India
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