Indian rupee strengthens against US dollar

Mumbai, Aug 4: The Indian rupee strengthened to 87.22 against the US dollar at open on Monday following a volatile week after continued FII selling and US President Donald Trump’s 25 per cent tariff announcement on the country.

The Indian rupee opened higher as a result of the decline in the dollar index and rise in Asian currencies.

The local currency opened at 87.22 against the US dollar, up 32 paise from Friday’s close of 87.54. The dollar index approached 100, causing the rupee to fall 100 paise, closing at 87.52 per dollar on August 1, down from 86.52 per dollar on July 25 and a low of 87.73 during the week.

Last week, rupee had fallen for the fourth consecutive week in a row as FIIs continued to sell Indian equities and oil prices rose. FIIs continued their selling spree for the fifth week in a row, and the total FII sales for July stood at Rs 47,666 crore.