Mumbai: The rupee recovered to trade higher against the US dollar in early trade on Wednesday. Forex traders said the Indian rupee was trading in a narrow range as sustained foreign fund outflows and muted trend in domestic equities weighed on investor sentiments.
At the interbank foreign exchange, the domestic currency opened at 83.31against the US dollar. It is trading at 83.30, up by 6 psie against US dollar. On Tuesday, the Indian rupee ended 2 paise lower at record closing low of 83.36 a dollar. It is trading at 22.07 against the UAE dirham.
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The US dollar index which measures the greenback against a basket of currencies, was flat at 103.58. MSCI’s broadest index of Asia-Pacific shares outside Japan has gained more than 3% since a week ago and hit its highest since September on Tuesday. But it fell 0.2% in early trade on Wednesday. Japan’s Nikkei rose 0.5%.
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