Mumbai: The Indian rupee appreciated against the US dollar in early trade on Tuesday, supported by positive trend in domestic equities and foreign fund inflows. The dollar demand from local importers limited the rupee’s upward momentum.
At the interbank foreign exchange market, the rupee opened at 83.59 and gained ground to trade at 83.57 against the US dollar in initial deals, registering a rise of 4 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to 83.61 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 at 104.33, higher by 0.14 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Monday, as they purchased shares worth Rs 2,684.78 crore.
Meanwhile, India’s merchandise exports in June increased 2.56 per cent to $35.2 billion despite global challenges, even as the trade deficit widened to $20.98 billion during the month.On the price front, wholesale inflation in the country surged to a 16-month high of 3.36 per cent in June.
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