Rupee rises 11 paise to 83.84 against US dollar during early trade

The Indian rupee appreciated 11 paise to 83.84 against the US dollar in early trade on Monday, mirroring a positive momentum in domestic equities and fresh foreign fund inflows.

Forex traders said the weakening of the American currency in the overseas market and retreating crude oil prices also supported investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.88 against the greenback, then gained ground and touched 83.84, registering a gain of 11 paise over its previous close.

On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency.

Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84 mark.

"The rupee emerged as the least volatile among its peer currencies, a testament to the RBI's decisive actions, which were further reflected in the nearly USD 5 billion dip in India's forex reserves from the record high of USD 675 billion," CR Forex Advisor