Mumbai: The Indian rupee depreciated against the US dollar in early trade on Thursday. As per forex traders, the negative trend in domestic equities weighed upon the Indian currency. Meanwhile, the weakness of the American currency and easing crude oil prices offered some support to the local currency and restricted the downfall.
At the interbank foreign exchange, the domestic currency opened at 85.53 and fell to 85.64 against the US dollar, registering a loss of 32 paise over its previous close. On Wednesday, the rupee pared most of its initial gains and ended the day higher by 4 paise at 85.32 against the American currency.
Also Read: Commodity Market: Gold price decline sharply
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.23 per cent at 100.81.Foreign institutional investors (FIIs) bought Indian equities worth Rs 931.80 crore on a net basis on Wednesday.
Post Your Comments