Mumbai: Indian rupee snapped a five-day winning streak and opened lower against the US dollar on Wednesday. As per forex traders, resurgence in the dollar index weighed upon the local currency.
At the interbank foreign exchange, the domestic currency began the session 8 paise weaker at 85.27. On Tuesday, the domestic currency settled at 85.19 against the US dollar.The currency has appreciated by 0.22 per cent in April and is on track to log gains for the second straight month.
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The dollar index — a measure of the value of the US dollar relative to a basket of foreign currencies — was up 0.38 per cent to 99.29. Meanwhile, foreign portfolio investors continued to buy Indian equities for the fifth consecutive day on Tuesday. Global funds bought stocks worth Rs 1,290.43, taking the four-day purchase to over Rs 17890 crore.
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