Mumbai: The Indian rupee rose against US dollar in early trade on Tuesday. As per forex traders, the weakening of US dollar and curde oil prices supported the upward rally of the Indian currency.Forex traders said the dollar weakened from its 109 levels but clawed back to 108.31 as Donald Trump declared tariffs against Canada and Mexico in the near future but stopped short of declaring any tariffs against China.
At the interbank foreign exchange, the rupee opened at 86.28, registering a rise of 17 paise from its previous close of 86.45 against the US dollar. The local unit also touched 86.43 against the US dollar initial trade.
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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 0.94 per cent at 108.31. Foreign Institutional Investors (FIIs) remained net sellers in the Indian capital markets on Monday, as they offloaded shares worth Rs 4,336.54 crore.
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