Mumbai: The Indian rupee rebounded against the US currency in early trade on Thursday. The weakening of the US dollar in global markets after the US Federal Reserve indicated three rate cuts this year has supported the local currency.
At the interbank foreign exchange market, the Indianrupee opened strong at 83.07 against the US dollar. During trading , the domestic currency reached at 83.05, up by 14 paise. The Indian currency settled at a two-month low of 83.19 on Wednesday.
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The US dollar index, which gauges the American currency’s strength against a basket of six currencies, was trading 0.20 per cent lower at 103.22. Brent crude futures, the global oil benchmark, rose 0.63 per cent to USD 86.49 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Wednesday as they sold shares worth Rs 2,599.19 crore.
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