Mumbai: The Indian rupee on Wednesday fell against US dollar in early trade. As per forex traders, sustained foreign fund outflows and strengthening of the US currency weighed upon the Indian currency. But, weak crude oil prices and suspected intervention by the Reserve Bank supported the local currency.
At the interbank foreign exchange, the Indian rupee opened at 84.06 against the US dollar, down by2 paise . It is trading in a tight range of 84.03 and 84.07. The Indian currency settled at 84.04 on Tuesday, registering a rise of just 1 paisa over its previous close. On Monday, the rupee recovered from its all-time low levels and appreciated 5 paise to close at 84.05 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, was trading 0.18 per cent lower at 103.11. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets, as they offloaded shares worth Rs 3,731.59 crore.
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