Mumbai: The Indian rupee is trading in narrow range against US dollar in early trade on Tuesday. The strengthening of the US currency and elevated crude oil prices weighed upon the Indian rupee.
At the interbank foreign exchange, the Indian rupee opened at 83.37 against the US dollar, then touched 83.35, registering a rise of 4 paise over its previous close. On Thursday, the Indian rupee depreciated 6 paise to settle at 83.39 against the US dollar. Forex market was closed on Friday and Monday on account of ‘Good Friday’ and annual account closing of banks, respectively.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.05 per cent higher at 105.06.
Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Monday as they offloaded shares worth Rs 522.30 crore. Meanwhile, India’s forex reserves increased by $140 million to touch an all-time high of $642.631 billion during the week ended March 22. This is the fifth consecutive week of a jump in the overall reserves.
Meanwhile, Indian government’s fiscal deficit at Rs 15 lakh crore at February-end touched 86.5 per cent of the revised annual target. Moreover, GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore on higher domestic sales.
Post Your Comments