Mumbai: The Indian rupee trades in narrow range against US dollar in early trade on August 13. The positive domestic macroeconomic data supported the Indian currency. However, a muted trend in domestic equities and foreign fund outflows capped the gains for the local currency.
At the interbank foreign exchange, the rupee opened at 83.95 against the US dollar and traded in a tight range. In initial trade it touched 83.94, registering a gain of 3 paise over its previous close. On Monday, the rupee settled for the day lower by 2 paise at 83.97 against the American currency.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.02 per cent lower at 103.11. On the domestic macroeconomic front, India’s direct tax mop up rose by 22.5 per cent over last year. India’s IIP stood at 4.2 per cent for June-24.The retail inflation eased to 3.54 per cent with food prices falling after a good monsoon.
Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Monday as they offloaded shares worth Rs 4,680.51 crore.
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