Mumbai: The Indian rupee sustained its gaining momentum and jumped against the US dollar in early trade on Tuesday. As per forex traders, upward rally in domestic equity markets, a weak American currency index and crude oil prices hovering at record low levels supported the Indian currency.
At the interbank foreign exchange, the domestic currency opened strong at 85.85 and gained further to trade at 85.71 against the US dollar in initial deals, 39 paise higher from the previous closing level. Forex markets were closed on Monday on account of Ambedkar Jayanti.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally higher by 0.06 per cent but below the crucial 100 mark at 99.46 . Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 2,519.03 crore on a net basis on Friday.
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