Mumbai: The Indian currency gained against the US dollar for third session. The Indian rupee stayed firm against the US dollar in early trade on Wednesday. As per forex traders, massive inflow of foreign capital, a weak American currency and lower crude oil prices supported the upward rally of the local currency.
At the interbank foreign exchange, the domestic currency opened strong at 85.66 and gained further to trade at 85.54 against the US dollar in initial deals, 26 paise higher from the previous closing level. The rupee had closed Tuesday’s session with a gain of 30 paise at 85.80 against the dollar. It had risen sharply by 58 paise in the preceding session on Friday. Forex markets were closed on Monday on account of Dr Baba Saheb 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 lower by 0.47 per cent at 99.49, a level seen on March 1, 2022. Foreign institutional investors (FIIs) bought Indian equities worth Rs 6,065.78 crore on a net basis on Tuesday.
The latest government data released on Tuesday showed wholesale price inflation in the country declined to a 6-month low of 2.05 per cent in March. India’s retail inflation dipped marginally to a nearly six-year low of 3.34 per cent in March. India’s exports recorded a marginal 0.7 per cent increase to USD 41.97 billion in March, while overall exports of goods and services have crossed an all-time high of USD 820 billion in the last fiscal year.
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