Mumbai: The Indian rupee depreciated by against the US dollar in early trade on Wednesday. As per forex traders, the subdued domestic equity market trend and unabated outflow of foreign capital weighed upon the Indian currency. A weak American currency and lower crude prices, however, supported the local currency and prevented its sharp fall.
At the interbank foreign exchange, the Indian rupee opened at 83.79 and slipped down to 83.84 against the American currency, declining 7 paise from its previous days’ closing level. On Tuesday, the Indian rupee settled 10 paise higher at 83.77 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 marginally higher by 0.02 per cent to 101.31. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Tuesday, offloading shares worth Rs 1,457.96 crore.
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