Mumbai: The Indian rupee rose against the US dollar in early trade on Thursday. The US Federal Reserve’s decision to cut interest rate influenced investors. The rupee also got support from lower crude oil prices, positive domestic equity markets as well as inflow of foreign funds. But, a stronger US dollar, however, capped the upward movement in the local currency.
At the interbank foreign exchange market, the Indian currency opened at 83.70 and inched up to 83.70 against the US dollar, registering a gain of 6 paise from its previous closing level. On Tuesday, the local currency had gained 10 paise to settle at 83.76 against the US dollar. The Forex market was closed on Wednesday due to the holiday declared by the Maharashtra government.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was up 0.46 per cent to 100.75. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 1,153.69 crore. The latest government data released on Wednesday showed net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal.
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