Mumbai: The Indian rupee appreciated against the US dollar in early trade. The weakening of the US against major crosses overseas and lower crude oil prices in international markets supported the upward rally of the Indian currency. However, a sluggish trend in the domestic equities and fresh foreign fund outflows amid US rate cut expectations restricted the rise in the local currency.
At the interbank foreign exchange market, the local unit opened slightly weak at 83.87 but gained some ground to turn positive at 83.84, registering a rise of 2 paise from its previous close. On Tuesday, the local currency settled at 83.86 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, declined 0.05 per cent to 100.38. Foreign Institutional Investors (FIIs) turned net sellers in the Indian capital markets on Monday, as they sold shares worth Rs 1,634.98 crore.
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