Mumbai: The Indian rupee declined against the US dollar dollar in early trade on Tuesday as initial counting for the Lok Sabha elections. A weak trend in domestic equity markets and mixed trend in the counting for the Lok Sabha elections influenced investors.
At the interbank foreign exchange market, the local currency opened weak at 83.25 and lost further ground to trade at 83.40 against the US dollar in initial deals, registering a fall of 26 paise from its previous close. On Monday, the Indian rupee closed at 83.14 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 0.05 per cent lower at 104.02.Foreign investors were net buyers of Indian equities on Monday as they purchased shares worth Rs 6,850.76 crore on a net basis. FIIs bought shares worth Rs 23,451.26 crore and sold equities worth Rs 16,600.50 crore in the cash segment.
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