Mumbai: The Indian rupee fell against the US dollar in early trade on Wednesday. Strengthening of the American currency against major overseas rivals and the muted trend in equity markets weighed upon the Indian rupee. A steep fall in crude oil prices from above $76 per barrel to the level of $ 73 a barrel provided support for the Indian currency.
At the interbank foreign exchange market, the local currency opened at 83.39 and reached at 83.38 against the US dollar, down 1 paisa from its previous close. On Tuesday, the domestic currency settled at 83.37 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.02% higher at 103.48. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital market on Tuesday as they bought shares worth Rs 76.86 crore.
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