Mumbai: The Indian rupee was trading in a narrow range against the American currency in early trade on Tuesday. Forex traders said the strength of the American currency in the overseas market, elevated crude oil prices and foreign fund outflows weighed on the local currency and restricted the up move.
At the interbank foreign exchange market, the local currency opened at 83.48 against the US dollar, registering a rise of 4 paise from its previous close. On Monday, the Indian rupee settled 7 paise lower at 83.52 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 trading at 105.18, higher by 0.13 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Monday, as they offloaded shares worth Rs 2,168.75 crore.
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