Mumbai: The Indian rupee depreciated against the US dollar in early trade on Wednesday. As per forex traders, the Indian rupee rupee is trading in a narrow range as US dollar buying by oil companies and Foreign Portfolio Investors (FPIs) dented investor sentiments. Also, strong American currency and elevated crude oil prices weighed upon the Indian currency.
At the interbank foreign exchange market, the Indian rupee opened at 83.51 and lost further ground to trade at 83.53 against the US dollar in initial deals, registering a fall of 5 paise from its previous closing level. On Tuesday, the rupee depreciated 4 paise to settle at 83.48 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading at 105.71, lower by 0.01 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday, as they offloaded shares worth Rs 2,000.12 crore.
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