Mumbai: The Indian rupee opened in a narrow range on Tuesday against the American currency. According to the forex traders, muted trend in domestic equities weighed upon the Indian currency. But, sustained foreign institutional inflows, alongside significant corrections in asset classes like the Dollar Index and crude oil prices supported the rupee, while the Reserve Bank’s active intervention kept the rupee in a tight range.
At the interbank foreign exchange market, the local currency moved in a narrow range. It opened at 83.95 against the American currency and touched 83.98 in initial trade, registering a fall of 3 paise over its previous close. On Monday, the Indian rupee traded in a narrow range and closed flat at 83.95 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 up 0.08 per cent to 101.63 points. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Monday, as they purchased shares worth Rs 1,176.55 crore.
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