Mumbai: The Indian rupee depreciated against the US dollar in early trade on Thursday. As per market experts, the negative trend in the domestic equity markets, rising concerns over disruption in global trade through the Red Sea route and sustained withdrawal of foreign funds weighed on the Indian currency.
At the interbank foreign exchange, the domestic currency opened at 83.19 and lost further ground to touch 83.24 against the American currency. The local currency later traded at 83.22 against the American currency, 4 paise lower from its previous close. On Wednesday, the domestic currency settled at 83.18 against the dollar.
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Meanwhile, the dollar index, which gauges the US currency’s strength against a basket of six currencies, was trading 0.06% lower at 101.98. Foreign institutional investors (FIIs) were net sellers in the Indian equity market on Wednesday as they offloaded shares worth Rs 1,322.08 crore.
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