Mumbai: Indian rupee depreciated hit its record low of against the US dollar in early trade on Wednesday. As per forex traders, strengthening American currency and higher crude oil prices weighed upon the Indian currency.
At the interbank foreign exchange, the rupee opened at 85.82 and slipped further to 85.83 against the US dollar in initial deals, 9 paise lower from its previous close. On Tuesday, the rupee settled 6 paise lower at 85.74 against the dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.09 per cent higher at 108.48. Foreign institutional investors (FIIs) offloaded Rs 1,491.46 crore in the Indian capital markets on a net basis on Tuesday.
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