Mumbai: The Indian rupee pared its initial marginal gain and slipped against the US dollar in early trade on Wednesday. As per forex traders, the positive sentiment in the domestic equity markets was negated by elevated crude oil prices and massive withdrawal foreign funds. A retreating American currency, however, supported the Indian currency at lower level, forex traders said.
At the interbank foreign exchange, the Indian rupee opened at 86.50 and touched 86.45 against the US dollar in initial deals. However, the local currency soon pared the gains and traded at 86.55 against the dollar, 2 paise lower from its previous close. On Tuesday, the rupee rebounded from its lowest-ever level and settled with a gain of 17 paise at 86.53 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 0.03 per cent lower at 109.07. Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 8,132.26 crore on Tuesday.
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