Mumbai: The Indian rupee pared its initial gains and turned flat against the US dollar in early trade on Tuesday. As per forex traders, the positive domestic equity markets, softening crude oil prices and a weak American currency was negated by the outflow of foreign capital.
At the interbank foreign exchange, the Indian rupee opened at 83.86 against the US dollar, inched up to 83.84 before trading again at its previous session’s closing level of 83.87 against the dollar. On Monday, the Indian rupee settled 8 paise higher at 83.87 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 higher by 0.10 per cent to 101.82.Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Monday, offloading shares worth Rs 2,667.46 crore.
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