Mumbai: The Indian rupee depreciated against the US dollar and UAE dirham in the morning session on Wednesday. The strengthening of the US currency, sustained foreign fund outflows and muted trend in domestic equities weighed upon the Indian rupee.
At the interbank foreign exchange, the Indian rupee opened at 83.26 against the US dollar. It touched a low of 83.27 in initial deals, registering a fall of 2 paise over its previous close. Indian rupee is trading at Rs 23.13 against the UAE dirham. On Tuesday, the rupee settled at 83.25 against the American currency.
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The dollar index, which gauges the US currency’s strength against a basket of six currencies, was trading higher by 0.04% at 106.70. Foreign institutional investors were net sellers in the Indian capital market on Tuesday as they offloaded shares worth Rs 696.02 crore .
Meanwhile, the central government’s fiscal deficit touched 39.3% of the full-year target in the first half of the current financial year, slightly higher than 37.3% recorded in the year-ago period.
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