Mumbai: The Indian currency slipped against the US dollar in early trade on Thursday, May 30. Sustained outflow of foreign capital amid volatile domestic equity market and a strong American currency weighed on the local currency even as retreating crude oil prices capped the rupee’s sharp fall.
At the interbank foreign exchange, the local currency opened at 83.42 and slipped further to 83.44. It soon recovered to trade at 83.42 against the US dollar, registering a loss of 2 paise from its previous closing level. On Wednesday, Indian rupee plunged 22 paise to close at 83.40 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 105.10, higher 0.06 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Wednesday, selling shares worth Rs 5,841.84 crore.
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