Mumbai: The Indian rupee appreciated against the US dollar on Wednesday. The positive equity markets and a weaker American currency against major rivals overseas supported the upward rally of the Indian currency. However, selling pressure from foreign equity investors weighed on the Indian currency and capped its gains.
At the interbank foreign exchange, the Indian rupee opened at 83.20 and then touched 83.22 against the US dollar, up 3 paise from its previous close. On Tuesday, the Indian rupee settled at 83.25 against the US dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.05% lower at 105.77. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital market on Tuesday as they offloaded shares worth Rs 1,005.49 crore.
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