Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee recovered from the lower level and appreciated against the US dollar in early trade on Wednesday. Positive trend in the domestic equity markets and lower crude oil prices overseas supported the domestic currency.

At the interbank foreign exchange market, the local currency opened at 83.50 and recovered to trade at 83.44 against the US dollar, registering a rise of 7 paise from its previous close. On Tuesday, the domestic currency settled at 83.51 against the dollar.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.09 per cent higher at 104.14. Foreign investors were net sellers of Indian equities on Monday as they offloaded shares worth Rs 12,436.22 crore on a net basis. FIIs bought shares worth Rs 26,776.17 crore and sold equities worth Rs 39,212.39 crore in the cash segment.