Mumbai: The Indian rupee was trading in a narrow range against the US dollar and UAE dirham in early trade on Wednesday. The positive trend in the Indian equity markets supported the local currency. But, the gains were negated by strong American currency and said elevated crude oil prices.
At the interbank foreign exchange, the Indian rupee opened at 83.33 against the dollar and touched 83.34 in initial trade, registering a fall of 5 paise over its previous close. The Indian currency is trading at 22.70 against UAE dirham. On Tuesday, the Indian rupee recovered from all-time low levels and appreciated 32 paise to close at 83.29 against the US dollar.
Also Read: India Meteorological Department predicts rain in these states
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 104.38, higher by 0.08 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Tuesday as they purchased shares worth Rs 10.13 crore.
India’s current account deficit narrowed to $10.5 billion or 1.2 per cent of GDP in the October-December quarter as against $ 11.4 billion or 1.3 per cent in the preceding three months ending September.
Post Your Comments