Mumbai: The Indian rupee declined against the US dollar in early trade on Thursday. As per forex traders, strengthening of the US dollar weighed upon the Indian currency. While a drop in crude oil rates and an upward trend in the domestic equity markets prevented further decline in the local currency.
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At the interbank foreign exchange, the Indian rupee opened at 86.46, down 11 paise from its previous close, and dropped further to 86.52. However, it recovered some of its losses and rise to 86.40, lower by 5 paise from Wednesday’s close.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.08 per cent higher at 108.25. Foreign Institutional Investors (FIIs) remained net sellers in the Indian capital markets on Wednesday, offloading shares worth Rs 4,026.25 crore.
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