Mumbai: The Indian rupee is trading in a narrow range against the US dollar in early trade on Friday. As per forex traders, the support from sustained foreign fund inflows was negated by dollar demand from foreign investors and oil companies. The bounce back in crude oil prices also weighed on the rupee.
At the interbank foreign exchange market, the local currency moved in a narrow range. It touched an early high of 83.62 and a low of 83.65 against the American currency. On Thursday, the rupee depreciated 5 paise and settled at its all-time low of 83.63 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 104.24, marginally higher by 0.07 per cent. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore.
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