Indian Rupee Reverses Early Gains, Declines Against The U.S. Dollar

The Indian rupee depreciated after registering gains against the U.S. dollar on Monday.

The local currency opened at 80.55, appreciating 0.34%, or 27 paise. It had closed at 80.82 on Friday.

However, during the day's trade, the rupee reversed all its gains to depreciate by as much as 0.56%, or 45 paise, to 81.27.

At close, the rupee traded 0.54% lower, or 44 paise, at 81.26.

"The U.S. dollar extended its fall by 1.41% on Friday amid a rise in risk appetite in global markets ... Moreover, weaker than expected Michigan consumer sentiment data from the U.S. pressurised the dollar," ICICI Securities said in a note on Monday.

The rupee had hit a record low of 83.29 on Oct. 20.