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The rupee appreciated by 9 paise to 71.05 against the US dollar in early trade on Monday, tracking gains in domestic equities and indication of a revival in trade talks between the US and China. Forex traders said positive opening in domestic equity market and Donald Trump's chief economic advisor comments that the US and China are seeking to revive trade talks supported the rupee. At the interbank foreign exchange, the rupee opened at 71.12, then gained momentum and touched a high of 71.05, registering a rise of 9 paise over its previous close.
The domestic unit pared some gains and was trading at 71.07 against the dollar at 0959 hrs. On Friday, the rupee had settled at 71.14 against the US dollar. Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,339.27 crore on Friday, according to provisional exchange data. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 98.20.