Indian rupee depreciated against the US dollar on Monday as continued dollar demand by importers and a rebound in crude oil prices. Sentiments were downbeat as RBI’s data showed that India's forex reserves dropped by $9.32 billion to $688.87 billion for the week ended August 1 in one of the highest declines in the recent past. Investors overlooked the report that foreign institutional investors (FIIs) were the net buyer on Friday’s trade, with net buying of Rs 1,932.81 crore. On the global front, pound steadied on Monday after briefly touching its strongest level in more than two weeks against the dollar, with investors positioning ahead of UK labour and growth data that could shape the Bank of England’s next move.
Finally, the rupee ended at 87.75 (Provisional), depreciated by 17 paise from its previous close of 87.58 on Friday. The currency touched a high and low of 87.75 and 87.48 respectively.
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