Mumbai: The Indian rupee declined against the U.S. dollar in early trade on October 23. Sustained foreign fund outflows and strengthening of the US dollar in overseas markets weighed upon the Indian currency. Meanwhile, correction in crude oil prices and firm domestic stock markets in opening trade capped the losses of the rupee.
At the interbank foreign exchange, the Indian currency opened lower by 3 paise at 83.15 against the US dollar. The Indian rupee had closed almost flat at 83.12 on Friday.
Also Read: Low-intensity earthquake struck Jammu and Kashmir
Foreign Portfolio Investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities so far this month. Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, gained 0.12% to 106.30.
Post Your Comments