Mumbai: The Indian rupee edged higher against the US dollar in early trade on Tuesday. The Indian currency was supported by a weaker US dollar and lower crude oil price. However, volatility in the domestic equity markets and foreign fund outflows capped sharp gains in the local currency.
At the interbank foreign exchange, the rupee opened at 83.97 against the US dollar and rose to 83.92 before slipping marginally to 83.94, higher by 6 paise from its previous close. The domestic currency had settled at 84.00 on Monday.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down 0.13 per cent to 102.39. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Monday, offloading shares worth Rs 8,293.41 crore on a net basis in the cash segment.
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