Rupee Vs. USD: Rupee inches 4 Paise higher against USD

4 Jul 2023 , 10:21 AM

The Indian rupee started the trading session on Tuesday with a 4-paise gain against the US dollar. The positive sentiment in domestic equities, coupled with foreign capital inflows, contributed to the rise in the local currency.

The rupee opened at 81.92 against the dollar, slightly higher than the previous closing of 81.96. The dollar index remained steady at 102.66.

The sustained inflows from foreign institutional investors (FIIs) into the Indian equity markets played a key role in supporting the rupee. Both the benchmark indices in India, Sensex, and Nifty, were trading at their record high levels, further boosting investor confidence.

On Monday, FIIs net purchased Indian shares amounting to Rs 1,995.92 crore, indicating their positive outlook on the market. In contrast, domestic institutional investors (DIIs) net sold shares worth Rs 337.80 crore during the same period.

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