Mumbai: The Indian rupee appreciated against the US dollar in early trade on Wednesday, as the American currency retreated from its elevated levels. Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction.
At the interbank foreign exchange, the rupee opened at 83.90 against the US dollar, registering a gain of 7 paise over its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 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 marginally higher by 0.10 per cent at 102.66. Foreign institutional investors (FIIs) were net sellers in the Indiancapital markets on Tuesday as they offloaded shares worth Rs 2,107.17 crore.
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