Indian rupee appreciated against the US dollar on Monday on weak US dollar index and a decline in crude oil prices. Traders got support as Reserve Bank of India (RBI) data showed that India's foreign exchange reserves (forex) rose $4.553 billion to $690.617 billion in the week that ended on May 9. Investors overlooked the report that global rating agency Moody's downgraded US investment grade rating. On the global front, ringgit ended higher against the US dollar, supported by a weaker US Dollar Index (DXY) following a downgrade of the United States government's sovereign credit rating.
Finally, the rupee ended at 85.42 (Provisional), appreciated by 15 paise from its previous close of 85.57 on Friday. The currency touched a high and low of 85.61 and 85.35 respectively.
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