Mumbai: The Indian rupee fell sharply against the US dollar in early trade on Wednesday. Muted trends in the domestic equity markets weighed upon the Indian currency, However, a decline in the dollar index and a marginal fall in the Brent crude index prevented further losses in the domestic currency.
At the interbank foreign exchange, the local currency opened at 84.38 — down 9 paise from its previous close — and then slid further to 84.44, registering a decline of 15 paise from its previous close. On Tuesday, the Indian rupee settled flat at 84.29 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 down 0.15 per cent to 106.84.Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Tuesday, purchasing shares worth Rs 1,157.70 crore.
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