Mumbai: The Indian rupee appreciated against the US dollar in early trade on Wednesday. Weakening American currency against major rivals overseas supported the Indian rupee. However, weak equity markets, outflow of foreign funds and crude prices breaching USD 85 per barrel weighed on the local currency.
At the interbank foreign exchange, the domestic currency opened stronger at 82.83. It later touched 82.81, registering a gain of 10 paise over its previous close. On Tuesday, the Indian rupee had settled at more than 8-month low level of 82.91 against the US dollar.
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Meanwhile, the dollar index, which measures the US dollar’s strength against a basket of six currencies, fell by 0.07% to 102.45. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets as they offloaded shares worth Rs 711.34 crore.
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