Mumbai: The Indian rupee rose against the US dollar in early trade on Thursday. A firm trend in domestic equity markets and a weaker US dollar against major overseas rivals supported the Indian currency. However, an increase in global oil prices and heavy foreign fund outflows capped further recovery in the domestic currency. The Reserve Bank of India’s (RBI) decision to keep policy rates unchanged also played a part in the rupee’s range-bound movement.
At the interbank foreign exchange, the Indian rupee opened at 83.95, marginally up by 1 paisa against the US dollar. The local currency had settled at 83.96 against the US dollar on Wednesday.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was down 0.06 per cent to 102.86 points. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Wednesday, as they offloaded shares worth Rs 4,562.71 crore.
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