Mumbai: The Indian rupee is trading in a narrow range against the US dollar in early trade on Wednesday. The negative trend in domestic equities, foreign fund outflows and strong American currency has weighed upon the Indian currency.
At the interbank foreign exchange, the local currency opened at 83.50, and touched 83.49 in initial trade, registering a gain of 2 paise from its previous close. On Tuesday, the Indian rupee closed at 83.51 against the American currency.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 105.55, higher by 0.14 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday as they offloaded shares worth Rs 3,668.84 crore.
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