Mumbai: The Indian rupee appreciated against the US dollar in early trade on Tuesday. Fresh inflow of foreign capital, downward movement in crude oil prices overseas and positive sentiment in the domestic equity markets supported the Indian currency. But, the strengthening American currency weighed on the local currency and restricted its gains.
At the interbank foreign exchange market, the local currency opened at 83.52 and gained further to 83.48 against the US currency, registering a rise of 7 paise from its previous close. On Friday, the rupee settled 1 paisa lower at 83.55 against the US dollar. Forex markets were closed on Monday on account of Eid Al Adha.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading at 105.01, higher by 0.07 per cent. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 2,175.86 crore.
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