Mumbai: The Indian currency is trading in a narrow range against the US dollar in early trade on Thursday. The weak trend in domestic equities and elevated crude oil prices weighed upon the Indian currency.
At the interbank foreign exchange market, the local currency moved in a narrow range. It opened at 83.57 against the American currency and touched 83.55 in initial trade, registering a rise of 3 paise from its previous close. On Tuesday, the rupee closed at 83.58 against the American currency. Forex, equity markets were closed on Wednesday on account of Muharram.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 103.80, marginally higher by 0.05 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Tuesday as they purchased shares worth Rs 1,271.45 crore. Meanwhile, the Asian Development Bank (ADB) maintained India’s GDP growth forecast at 7 per cent for the current financial year.
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