Mumbai: The Indian rupee depreciated against the US dollar in early trade on Thursday. As per forex traders, the US FED’s decision to keep rates on hold influenced investors. Forex traders said the rupee continued to face pressure due to sustained foreign fund outflows and broad strength of the American currency in the overseas market.
At the interbank foreign exchange, the Indian rupee opened at 86.58 then fell further to 86.59 against the American currency, registering a decline of 4 paise over its previous close. On Wednesday, the rupee pared its initial losses and settled for the day on a positive note, higher by 2 paise to close at 86.55 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 107.84, lower by 0.14 per cent. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,586.43 crore in the Indian capital markets on net basis on Wednesday.
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