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Forex Market: Indian rupee inches up against US dollar, UAE dirham in early trade

Mumbai: The Indian rupee sustained its upward momentum for the third straight session and gained against the US dollar in early trade on Wednesday. The weakening of the  weak American currency and positive equity market sentiment supported the upward rally of the Indian currency. However, selling pressure from foreign equity investors amid elevated level of crude oil prices resisted a sharp gain in the domestic currency

At the interbank foreign exchange, the domestic currency opened at 82.90 and slipped to 82.91 against the US currency in initial deals, registering a gain of 6 paise from its previous close. The Indian rupee settled 4 paise higher at 82.97 against the US dollar on Tuesday, a day after gaining 4 paise in the preceding trading session on Friday. The currency market was closed on Monday on account of Chatrapati Shivaji Maharaj Jayanti.

Also Read: Commodity Market: Gold price shoots up sharply 

Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was 0.07 per cent lower at 103.90. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday as they offloaded shares worth Rs 1,335 crore.


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