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Forex Market: Indian rupee rises against US dollar

Mumbai: The Indian rupee is trading in a narrow range against the US dollar in early trade on Thursday. As the support from positive domestic equities was negated by sustained foreign fund outflows and elevated crude oil prices. Forex traders said the Indian rupee remains under pressure due to ongoing elections as well as foreign fund outflows

At the interbank foreign exchange market, the local currency moved in a narrow range. It opened at 83.45 against the American currency and touched 83.46.  During trading rose 2 paise to 83.44 against US dollar. On Wednesday, the rupee had settled at 83.46 against the U.S. dollar.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 104.20, lower 0.13%. Foreign Institutional Investors (FIIs) were net sellers in the  Indian capital markets on Wednesday, as they offloaded shares worth Rs 2,832.83 crore.

 

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