Mumbai: The Indian rupee traded in a narrow range on Tuesday, against the US dollar. As per forex traders, the stronger dollar index, weakness in Asian currencies, and lingering geopolitical tensions between India and Pakistan weighed upon the Indian currency. But, the Indian currency is supported by falling crude oil prices and continued foreign fund inflows.
At the interbank foreign exchange, the rupee opened at 84.28 and is trading at 84.38, down by 8 paise. The domestic currency had closed at 84.30 on Monday, registering a 27 paise gain.
Also Read: Limited edition Jeep Wrangler Willys 41 launched in India
Meanwhile, the dollar index—which measures the US dollar’s strength against a basket of six major currencies—was trading marginally lower at 99.79, down 0.03 per cent. Meanwhile, India’s forex reserves increased $1.983 billion to $688.129 billion during the week ended April 25. This is the eighth consecutive week of a rise in the kitty, which had jumped 8.31 billion to $686.145 in the previous reporting week.
Post Your Comments