Mumbai: The Indian rupee appreciated against the US dollar in early trade on Tuesday. The weakening of the American currency, inflow of foreign funds in the domestic equities, positive sentiment in the domestic equity markets and lower crude oil price supported the local currency.
At the interbank foreign exchange, the Indian rupee opened at 83.37 against the US dollar and then touched 83.38, registering a gain of 2 paise over its previous close. On Friday, the Indian rupee settled at 83.40 against the American currency. The forex market remained closed on Monday on account of Guru Nanak Jayanti.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.06% at 103.14. Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,625.21 crore. Also, the country’s forex reserves increased by $5.077 billion to $595.397 billion during the week ended November 17.
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