Mumbai: The Indian rupee inched up against the US dollar in early trade on Thursday. Weakening of the American currency and positive domestic equity markets supported the domestic currency. Forex traders said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI’s monetary policy decision to be announced on Friday.
At the interbank foreign exchange, the local currency opened at 83.40 and slipped to 83.43 against the US dollar, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 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 0.15 per cent lower at 104.06.
Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment.
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