The Indian rupee appreciated by 8 paise to 83.44 against the US dollar in early trade, benefitting from the dollar’s retreat. However, domestic equities’ negative trend and foreign fund outflows limited the rupee’s upward movement. The dollar’s strength persisted due to continued selling of Indian stocks by Foreign Portfolio Investors (FPIs). Despite RBI’s efforts to protect the rupee, dollar buying may continue. Meanwhile, the dollar index traded slightly lower at 105.51. Brent crude futures rose to $83.94 per barrel. On the domestic front, both BSE Sensex and NSE Nifty started lower, and FIIs remained net sellers in the capital markets, offloading shares worth Rs 6,669.10 crore.
Rupee Gains 8 Paise Against Dollar on Weaker Greenback
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