Mumbai: The Indian rupee rose against the US dollar in early trade on Tuesday. The recovery in domestic equity markets and a weaker American currency against major Asian rivals supported the Indian currency. Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local currency and capped its sharp gain.
At the interbank foreign exchange, the Indian rupee opened at 84.39 and slipped further to 84.40 against the US dollar, trading 2 paise higher from its previous close. On Monday, the Indian rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 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 lower by 0.09 per cent at 106.10.Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore.
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