Mumbai: The Indian currency edged higher against the US dollar and UAE dirham in the forex market. The positive trend in the Indian equity markets supported the upward rally of the local currency. But, the sustained foreign fund outflows weighed on the rupee and restricted the appreciation bias.
At the interbank foreign exchange, the Indian rupee opened at 82.48 against the US dollar, then rose to 82.36, registering a rise of 22 paise over its previous close. On Tuesday, the Indian rupee closed at 82.58 against the US currency. The Indian currency is trading 22.44 against the UAE dirham.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.02% to 104.84. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital market as they offloaded shares worth Rs 45.59 billion.
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