Mumbai: The Indian rupee appreciated against the US dollar in early trade on Thursday. As per market experts, the decline in the crude oil prices supported the Indian currency. But, the strength of the American currency in the overseas market and foreign fund outflows weighed on the local currency and restricted its upmove .
At the interbank foreign exchange market, the local currency opened at 83.56 and gained further ground to trade at 83.49 against the American currency in initial deals, registering an increase of 8 paise from its previous closing level. On Wednesday, the Indian rupee depreciated 14 paise against the US dollar and settled at 83.57.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally lower by 0.10 per cent at 105.94. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Wednesday, as they offloaded shares worth Rs 3,535.43 crore.
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