Mumbai: The Indian rupee traded in a narrow range and depreciated against the US dollar in early trade on Tuesday. As per forex traders, the support from positive domestic equities was negated by dollar short-covering by investors. Forex traders said concerns persisted over economic headwinds from tariffs and US monetary policy that could dampen demand.
At the interbank foreign exchange, the domestic currency opened at 85.11 then fell to 85.19 against the US dollar in early deals, registering a loss of 4 paise over its previous closing level. On Monday, the rupee appreciated 23 paise to settle at 85.15 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 trading lower by 0.19 per cent at 98.09. Foreign institutional investors (FIIs) bought Indian equities worth Rs 1,970.17 crore on a net basis on Monday.
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