Mumbai: The Indian rupee continued its downward rally for the third consecutive session. The Indian currency depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday. As per market experts, the strengthening of American currency, massive selling of Indian equities by foreign investors, rising crude oil prices and negative trend in the Indian equity market influenced investors.
At the interbank foreign exchange, the local currency opened weak at 83.19 and then touched the lowest level of 83.23 against the US dollar, registering a loss of 6 paise from its previous close. This is the third day of fall in the rupee. It dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday. Forex markets were closed on Tuesday on account of Dussehra. On Wednesday, the rupee closed at 83.17 against the US dollar.
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Meanwhile, the dollar index, which measures US dollar’s strength against a basket of six currencies, was trading 0.20% higher at 106.75 on Thursday. Foreign Institutional Investors sold equities worth Rs 4,236.60 crore on Wednesday.
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