Mumbai: The Indian currency depreciated against the US dollar and the UAE dirham in early trade on Friday. The strengthening of the American currency, a negative trend in domestic equities, sustained foreign fund outflows and elevated crude oil prices in the international market dented investors’ sentiments.
In the interbank foreign exchange, the Indian rupee opened at 82.95 against the US dollar and touched a low of 82.96 in the initial trade, registering a fall of 12 paise over its previous close. The Indian currency is trading at 23.04 against the UAE dirham. On Thursday, the Indian rupee depreciated 3 paise to settle at 82.84 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 103.43, higher by 0.07 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday as they offloaded shares worth Rs 1,356.29 crore.
On the domestic macroeconomic front, wholesale inflation rate in India declined marginally to 0.2 per cent in February compared to 0.27 per cent in the preceding month.
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