Mumbai: The rupee is trading in a narrow range and depreciated against the US dollar in early trade on Wednesday. As per forex traders, global trade war has fuelled risk aversion among investors. Forex traders said the rupee is trading with a negative bias over global trade war as market participants mulled the impact of tariffs being imposed by the United States and China.
At the interbank foreign exchange, the rupee opened at 87.13 then fell further to 87.16 against the American currency, registering a decline of 9 paise over its previous close. On Tuesday, the rupee recovered 4 paise from its all-time low level tall-time low level to close at 87.07 against 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 107.89, lower by 0.06 per cent. Foreign Institutional Investors (FIIs) purchased Indian equities worth Rs 809.23 crore in the capital markets on net basis on Tuesday.
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