Rupee falls 17p to close at 86.88 on FII outflows

MUMBAI: The rupee depreciated 17 paise to close at 86.88 against the US dollar on Monday, weighed down by significant foreign fund outflows and a recovery in the dollar index from intraday lows.

Forex traders said the Indian rupee was trading with a negative bias as foreign banks went on a dollar-buying spree and importers scrambled to secure dollars, as they feared further depreciation amid global uncertainty.

At the interbank foreign exchange, the rupee opened at 86.7 and touched the high of 86.68 against the greenback during intraday.

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