Mumbai: The Indian rupee appreciated against the US dollar in early trade on Thursday. The weakening of the American currency supported the Indian rupee. But, the negative trend in domestic equities 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 83.49 against the US dollar. It later touched 83.44 in initial trade, registering a rise of 8 paise from its previous close. On Wednesday, the rupee settled 1 paisa 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 105.51, lower by 0.03 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Wednesday, as they offloaded shares worth Rs 6,669.10 crore.
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