Mumbai: The Indian rupee witnessed range-bound trading against the US dollar in early trade on Tuesday. As per market experts, the support from positive domestic equities was negated by the strength of the American currency in the overseas market and elevated crude oil prices.
At the interbank foreign exchange market, the local currency opened at 83.46 and gained further to trade at 83.44 against the US dollar in initial deals, registering an increase of 3 paise from its previous closing level. On Monday, the rupee appreciated 10 paise to settle at 83.47 against the US dollar.
Also Read: Commodity Market: Gold price remain firm
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally lower by 0.04 per cent at 105.42. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Monday, as they offloaded shares worth Rs 653.97 crore.
On the domestic macroeconomic front, S&P Global Ratings retained India’s GDP growth forecast for the current financial year at 6.8 per cent. Moreover, India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter.
Post Your Comments