The Indian rupee appreciated by 8 paise to close at 86.03 (provisional) against the US dollar on Monday, supported by strong domestic equity markets, a weakening greenback, and a dip in global crude oil prices.
However, forex traders noted that a decline in exports and persistent foreign fund outflows limited further appreciation of the local currency.
At the interbank foreign exchange market, the rupee opened at 86.16 and moved within a range of 85.94 to 86.24 during the session, before settling at 86.03 — 8 paise stronger than its previous close.