Mumbai, Nov. 2 -- The rupee fell 8 paise to close at 94.84 against the US dollar on Monday, weighed down by a firm greenback in overseas markets.
Forex traders said the Indian rupee is showing signs of near-term stabilisation after recovering sharply against the US dollar in previous sessions.
At the interbank foreign exchange market, the rupee opened down at 94.90 and fell further to a low of 95.04 in intraday trade, before settling at 94.84, down 8 paise from its previous close.
On Friday, the rupee appreciated 50 paise to close at 94.76 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 101.61, lower by 0.26 per cent.
According to the RBI data released on Friday, India's forex reserves dropped by $1.269 billion to $719.748 billion during the week ended October 30. The overall reserves had dropped by $5.011 billion to $721.016 billion in the previous reporting week ended
October 16.
Published by HT Digital Content Services with permission from Millennium Post.