Mumbai: The Indian rupee depreciated against the US dollar on Wednesday. The negative trend in domestic equities, elevated crude oil prices and strengthening of the American currency in the overseas market weighed upon the Indian currency.
At the interbank foreign exchange, the local currency opened at 83.22 and lost further ground to trade at 83.27 against the US dollar, registering a loss of 9 paise from its previous closing level. On Tuesday, the Indian rupee pared initial gains to settle 5 paise lower at 83.18 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 104.72, higher by 0.11 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Tuesday, as they purchased shares worth Rs 65.57 crore.
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