Mumbai: The Indian rupee stayed almost flat against the US dollar in early trade on Wednesday. The strengthening American currency, relentless outflow of foreign funds, downward trend in domestic equity markets and elevated levels of crude oil prices weighed upon the Indian currency.
At the interbank foreign exchange, the Indian rupee opened 1 paisa higher at 84.07 against the US dollar and traded on a flat note in early deals. On Tuesday, the rupee settled 1 paisa lower at 84.08 against the US dollar. The Indian currency has been struggling to recover since October 11, when it closed at its lowest level of 84.10 against the dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, rose by 0.06 per cent to 103.97. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Tuesday, as they offloaded shares worth Rs 3,978.61 crore.
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