Mumbai: The Indian rupee traded in a narrow range on Wednesday against the American currency. As per forex traders, easing crude oil prices, foreign institutional inflows, and significant corrections in asset classes like the dollar index, 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 83.97 against the American currency and was at 83.96 in initial trade, registering a rise of 2 paise over its previous close. On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down 0.21 per cent to 101.42 points. Foreign Institutional Investors (FIIs) were net buyers in the Indiancapital markets on Tuesday, as they purchased shares worth Rs 2,208.23 crore.
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