Mumbai: The Indian rupee appreciated against the US dollar on Wednesday amid softening crude oil prices in the international market. But, the local currency faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows.
At the interbank foreign exchange market, the local currency opened at 83.29 and inched up to at 83.24 against the US dollar, registering a gain of 7 paise from its previous closing level. On Tuesday, the Indian rupee appreciated 6 paise to close at 83.31 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 104.63, lower by 0.02 per cent.
Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday, as they offloaded shares worth Rs 1,874.54 crore.
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