Mumbai: The Indian rupee depreciated against the US dollar in early trade on Wednesday. As per forex traders, sustained foreign fund outflows, unabated dollar demand from oil importers and weak risk appetite influenced investors.
At the interbank foreign exchange, the Indian rupee opened at 86.58 then fell further to 86.61 against the American currency, registering a decline of 4 paise over its previous close. On Tuesday, the Indian rupee depreciated 26 paise to close at 86.57 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 at 107.83, lower by 0.03 per cent. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,920.69 crore in the Indian capital markets on net basis on Tuesday.
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